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Shares of Philip Morris International Inc (NYSE:PM) rose last week after Jefferies analyst Owen Bennett upgraded the stock to a Buy rating.
The company’s risk/reward could become more compelling over the next several years, as it rolls out iQOS, a line of heated tobacco products, in the U.S. market, according to Goldman Sachs.
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The Philip Morris Analyst: Bonnie Herzog upgraded the rating on Philip Morris from Neutral to Buy, while raising the price target by $25 to $120.
The Philip Morris Thesis: The U.S. nicotine market increases the company’s total addressable market (TAM) by 60%, Herzog said in the upgrade note.
Check out other analyst stock ratings.
The analyst added that Philip Morris could “comfortably reach a 10% share of the US combustible & heat-not-burn market by 2030,” which will “conservatively drive ~1pt of incremental annual top & bottom line growth.”
Further upside potential over the next several years could be driven by “a broader & more aggressive global rollout of ILUMA” and further price segmentation of iQOS, she further mentioned.
PM Price Action: Shares of Philip Morris had risen by 1.45% to $102.77 at the time of publication Wednesday.
Now Read: Young Adults Dumping Tobacco For Cannabis And So Are Their Parents, New Gallup Poll Finds
Photo: Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.