Philip Morris resumed with a Neutral at Citi

Citi analyst Simon Hales resumed coverage of Philip Morris with a Neutral rating and $109 price target after the company completed the acquisition of Swedish Match. The analyst believes Philip Morris will be able to leverage Swedish Match’s route-to-market in the U.S. to roll-out its IQOS products. However, the likely removal of Russia will weigh on the company’s headline earnings in 2023 and its pro-forma valuations are at a five-year price-to-earnings relative highs, Hales tells investors in a research note.