Stifel analyst Matthew Smith raised the firm’s price target on Philip Morris to $120 from $115 and keeps a Buy rating on the shares. The Q2 report featured “the type of strong earnings performance we are becoming accustomed to from PMI,” says the analyst, who raised the firm’s 2024 EPS estimate to $6.41 and now estimates over 8% organic revenue growth and over 100 basis points of underlying profit margin expansion.
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