Philip Morris price target raised to $132 from $118.50 at Citi

Citi analyst Simon Hales raised the firm’s price target on Philip Morris to $132 from $118.50 and keeps a Buy rating on the shares. The firm expects a solid Q3 report after an “impressive” first half of 2024. Citi sees another quarter of solid volume growth in heated tobacco products and Zyn, complimented by a resilient performance in combustibles, but says the shares “may pause for breath into the Q3 print.” The analyst says Philip Morris “continues to execute its attractive growth model.”