Philip Morris international Inc. PM rose 1.6% in premarket trade after JPMorgan Chase & Co. upgraded the tobacco company’s stock to overweight from neutral and hiked its price target to $116 a share from $109 a share. Analyst Jared Dinges said the company ranks as the firm’s top pick in tobacco.
upgraded the tobacco company’s stock to overweight from neutral and hiked its price target to $116 a share from $109 a share. Analyst Jared Dinges said the company ranks as the firm’s top pick in tobacco. Its heated tobacco device Iqos Iluma has gained market share in its initial launch but it’s been impacted by supply chain constraints that Dinges expects to ease in the second half of this year and accelerate earnings growth for the company.
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