BofA Raises Price Target on Philip Morris, Highlights Smoke-Free Strategy

Philip Morris International Inc. (NYSE:PM) ranks among the best FMCG stocks to buy. Analysts at BofA Securities raised their price target for Philip Morris International Inc. (NYSE:PM) from $182 to $200 on June 3 while maintaining their Buy rating on the company’s shares. The update comes after the company’s CFO, Emmanuel Babeau, expressed confidence in the company’s smoke-free, multi-product strategy during a presentation at an investor conference in Paris.

At the moment, Philip Morris International Inc. (NYSE:PM) sells its three smokeless brands. IQOS, ZYN, and VEEV, in 16 countries, with two brands accessible in 20. The company noted that these products work well together, preventing internal competition and fostering expansion. Philip Morris International Inc. (NYSE:PM) also intends to market two-thirds of its products as smoke-free due to the increasing popularity of these brands.

Philip Morris International Inc. (NYSE:PM) is a global tobacco company that provides services to consumers in over 180 countries. With Marlboro as its signature product, the firm stands out among the titans of “Big Tobacco.”

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