Philip Morris' Q3 Driven By Smoke-Free Products Amid Rising Market Share In Key Regions: Analyst Forecasts Growth Across IQOS And ZYN Brands
PMPMI(PM) Benzinga·2024-10-24 03:10

Stifel analyst Matthew E. Smith reiterated a Buy rating on Philip Morris International Inc PM, raising the price forecast to $145 from $138.Yesterday, the Marlboro maker reported third-quarter revenue of $9.91 billion, up 8.4% year over year, beating the consensus of $9.69 billion.Smith writes that growth in smoke-free products is driving both organic revenue growth and margin expansion.Net revenues increased by 11.6% on an organic basis, mainly reflecting a favorable pricing variance, primarily due to high ...