Morgan Stanley analyst Eric Serotta lowered the firm’s price target on Philip Morris (PM) to $175 from $182 and keeps an Overweight rating on the shares following a Q3 EPS beat driven by shipment timing and lowered FY25 operating income guidance on higher U.S. Zyn investment. While the firm doesn’t expect Q3 results to allay market concerns about soft Zyn trends and promotions, the firm sees “substantial” and above-consensus and above what’s priced-in growth ahead, the analyst tells investors.
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