Citi analyst Simon Hales raised the firm’s price target on Philip Morris (PM) to $180 from $163 and keeps a Buy rating on the shares. The firm expects Philip Morris to “continue on its impressive trajectory” in Q1 due to “broad-based” volume growth, mix leverage, and improving reported earnings. Although Citi expects U.S. Zyn Q1 volumes to slow to 34% due to production capacity constraints, the company should reiterate its fiscal year can guidance, the analyst tells investors in a research note. Citi keeps a Buy rating on Philip Morris but sees greater upside in British American Tobacco (BTI) following the recent rally.
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