Goldman Sachs analyst Bonnie Herzog upgraded Philip Morris to Buy from Neutral with a price target of $120, up from $95. The analyst sees a more favorable risk/reward at current share levels and expects the company’s long-term growth algorithm to accelerate over the next several years, with a key driver being the roll out of iQOS in the U.S. market. Philip Morris can "comfortably" reach a 10% share of the U.S. combustible and heat-not-burn market by 2030, Goldman tells investors in a research note. The analyst also sees upside from the company’s "broader and more aggressive" global rollout of Iluma.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PM:
- Early notable gainers among liquid option names on January 19th
- Philip Morris upgraded at Jefferies as tobacco sentiment may ‘finally’ improve
- Philip Morris upgraded to Buy from Hold at Jefferies
- Philip Morris expects 2022 results to be broadly in line with prior guidance
- Philip Morris’ stock about to get ‘smoking hot,’ Barron’s says