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.
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