Philip Morris price target raised to $209 from $200 at BofA

BofA analyst Lisa Lewandowski raised the firm’s price target on Philip Morris (PM) to $209 from $200 and keeps a Buy rating on the shares. The firm views the recent changes in the FDA’s enforcement approach for vapes and nicotine pouches as “a positive development,” says the analyst, who believes a premium is justified given the strength of Philip Morris’ operations, visibility into smoke-free growth, and durable earnings outlook. While also noting that the company announced the appointment of Massimo Andolina as Group CFO, the firm says it expects “a smooth and orderly transition from Babeau to Andolina, with continuity in both strategy and capital allocation.”