UBS analyst Faham Baig upgraded Philip Morris (PM) to Neutral from Sell with a price target of $170, up from $130. The firm increased estimates following the company’s “strong” quarter and guidance raise. UBS sees further upside to Philip Morris’ fiscal 2025 earnings outlook, supported by the strength in smoke-free gross margins. Given the company’s “strong and resilient” operating performance in the current uncertain macro environment, a Sell rating is no longer sufficient, contends the firm.
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