As previously reported, Jefferies analyst Owen Bennett upgraded Philip Morris to Buy from Hold with a price target of $118, up from $86. Tobacco sector sentiment could "finally" shift in 2023 as a likely search for returns visibility triggers more work to better understand the space, Bennett contends. While maybe not recession-proof, "tobacco is certainly recession-resistant," with better returns visibility in a deteriorating macro backdrop, Bennett tells investors.
Published first on TheFly
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