BofA raised the firm’s price target on Philip Morris (PM) to $200 from $182 and keeps a Buy rating on the shares after CFO Emmanual Babeau presented at an investor conference in Paris. While the firm acknowledges that the stock’s PE multiple has re-rated and is now closer to PEs of mega cap consumer peers such as Procter & Gamble (PG), Coca-Cola (KO) and Mondelez (MDLZ), it thinks this multiple is warranted given the strength of Philip Morris’ operations and its outlook, adding that it also likes the company’s strategy to shift smokers to higher-margin, less-harmful alternatives.
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