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Fly News Breaks for May 17, 2019
May 17, 2019 | 06:28 EDT
As previously reported, BofA/Merrill upgraded Philip Morris to Neutral from Underperform and increased its price target to $94 from $81. Analyst Lisa KLewandowski said IQOS, the company's heated tobacco product, is gaining traction in several European and Asian markets, the FDA approved the pre-market application for the sale of IQOS in the US, and management has reset IQOS commercialization expectations, among other reasons. The analyst views shares as a Neutral given the 28% rise year-to-date and the lack of clear timeline for its MRTP, or modified risk tobacco product, with the FDA.
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