Bank of America raises PM’s target by $9, citing regulatory tailwinds and strong smoke-free growth prospects.
Bank of America increased its price target for Philip Morris International (PM) to $209 from $200, maintaining a Buy rating. The adjustment implies an 11% upside from current levels.
The move follows recent changes in the FDA’s enforcement approach toward vapes and nicotine pouches, which BofA views as favorable for PM. The firm also cited the company’s operational strength, visibility in smoke-free growth, and a resilient earnings outlook.
BofA highlighted the appointment of Massimo Andolina as CFO, expecting a smooth transition and continuity in strategy. PM’s 3.12% annual dividend yield was noted as an additional attraction for investors.