Philip Morris price target raised to $118 from $110 at BofA

BofA raised the firm’s price target on Philip Morris to $118 from $110 and keeps a Buy rating on the shares, calling the company’s updated guidance “largely positive” and noting that it included a 7c beat in Q2 despite stronger forex translation headwinds. The firm believes that Philip Morris has “one of the strongest growth profiles among its staples peers” and sees the potential for upside driven by its commitment of shifting smokers to smoke-free alternatives, the analyst tells investors in a post-earnings note.