Philip Morris upgraded to Buy, ‘Positive Catalyst Watch’ opened at Citi

Citi upgraded Philip Morris to Buy from Neutral with a price target of $117, up from $109, and opened a “Positive Catalyst Watch” on the stock, citing the belief that the current stock price is “not fairly valuing the group’s market-leading, high growth NGP footprint.” Given the company’s global leadership in Next Generation Products, or NGPs, and its potential for further mid-term upside from the roll-out of IQOS in the U.S., Citi believes the market is failing to adequately value the group’s future growth and cash-flow opportunity, the analyst tells investors.