Philip Morris price target raised to $182 from $175 at BofA

BofA raised the firm’s price target on Philip Morris (PM) to $182 from $175 and keeps a Buy rating on the shares. Organic net sales, gross profit and operating income growth in the first quarter were driven by a 20.4% rise in smoke-free sales and a 33.1% jump in smoke-free gross profit, the analyst tells investors. Modest model adjustments, updated foreign exchange expectations and modestly higher ZYN volume outlooks boost the firm’s 2025-27 EPS estimates 27c each year to $7.48, $8.25 and $9.04, respectively.