Barclays maintains an “Overweight” rating for Philip Morris International Inc. (NYSE:PM), raising its price target from $145 to $155.
The company reports strong third-quarter earnings with double-digit net revenue growth and increased full-year 2024 guidance.
Philip Morris’s focus on non-traditional products like IQOS and ZYN contributes significantly to its financial success and market capitalization of approximately $204.57 billion.
Philip Morris International Inc. (NYSE:PM) is a leading tobacco company known for its innovative products and global reach. The company is renowned for its non-traditional products like IQOS and ZYN, which are gaining popularity and contributing to its financial success. Philip Morris competes with other major tobacco companies, striving to maintain its market position through strategic developments and product diversification.
On October 30, 2024, Barclays maintained its “Overweight” rating for Philip Morris, indicating confidence in the company’s future performance. The stock price at the time was $131.57, reflecting a recent increase of approximately 0.82%. Barclays also raised its price target for Philip Morris from $145 to $155, suggesting potential for further growth.
Philip Morris recently reported a strong third-quarter earnings performance, reaching a new all-time high. The company achieved double-digit net revenue growth and increased its full-year 2024 guidance. This positive outlook is supported by the rapid growth of its non-traditional products, which are outpacing traditional tobacco products and boosting gross profit.
The company’s adjusted earnings guidance for fiscal year 2024 anticipates up to a 7.3% year-over-year growth. This optimistic projection has attracted attention from investors and stakeholders, as highlighted by the Zacks Analyst Blog. Additionally, Philip Morris maintains a strong dividend coverage ratio, ensuring continued returns for shareholders.
Philip Morris’s market capitalization is approximately $204.57 billion, with a trading volume of 4,402,809 shares. The stock’s performance has drawn interest from ETFs with exposure to the tobacco sector, further emphasizing its significance in the market. The company’s strategic focus on innovative products and financial stability positions it well for future growth.
