Philip Morris price target raised to $139 from $125 at BofA

BofA analyst Lisa Lewandowski raised the firm’s price target on Philip Morris to $139 from $125 and keeps a Buy rating on the shares after CEO Jacek Olczak participated at a consumer staples conference in Boston and reaffirmed 2024 adjusted diluted EPS guidance and view of 11%-13% year-over-year EPS growth excluding forex. The firm believes that Philip Morris has the ability to outperform peers and perhaps its own guidance despite phasing of a flavor ban for heated tobacco in Europe, timing of regulatory approvals and U.S. volume constraints for ZYN, the analyst tells investors.