JPMorgan upgrades this tobacco maker that's pushing toward healthier nicotine alternatives
The growth potential for Philip Morris International 's heated tobacco technology known as IQOS Iluma is prompting JPMorgan to get more bullish on shares. Analyst Jared Dinges upgraded the cigarette maker to overweight from neutral, saying the recent de-rating of the stock marks an attractive entry point for a global leader spearheading the shift to healthier alternatives to nicotine.
Dinges lifted the bank's price target to $116 a share from $109, reflecting 22% upside from Wednesday's close. The stock added 1.6% before the bell. PM YTD mountain Shares so far in 2023 By the second half of this year, Dinges expects some of the severe supply chain constraints that have weighed on the initial launch of its IQOS Iluma product to ease, helping accelerate earnings growth into 2024.
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