Philip Morris price target raised to $138 from $120 at Stifel

Stifel analyst Matthew Smith raised the firm’s price target on Philip Morris to $138 from $120 and keeps a Buy rating on the shares. Philip Morris International offered “a confident view in its business,” the outlook for 2024, and the sustainability of growth when it presented at a conference, the analyst tells investors. The company reaffirmed its 2024 full year guidance, and while it stopped short of updating its third quarter guidance, the company noted a very strong performance across all metrics, added the analyst, who continues to estimate 2024 constant currency growth of 12.5%.