Fly News Breaks for February 13, 2020
Feb 13, 2020 | 06:11 EDT
Cowen analyst Vivien Azer upgraded Philip Morris International o Outperform from Market Perform with a price target of $102, up from $90. The company has generated accelerating user growth and better geographic diversity, and with new markets approaching inflection points the stock's risk/reward is attractive, Azer tells investors in a research note. Following a "strong" iQOS performance in 2019, the analyst is more optimistic for "step-function" volume gains. She increased her fiscal 2021 iQOS volume estimates from 93.6B to 112.6B, which is above Philip Morris' guidance of 90B-100B units that it has maintained for the past two years. What makes the iQOS opportunity even more compelling is its attractive unit economics and profit potential, says Azer.
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