Wells Fargo calls the risk-reward profile on Philip Morris International (PM -0.4%) favorable in front of the company's earnings report tomorrow.
Analyst Bonnie Herzog points to the "right sized" iQOS inventory levels in Japan, easy upcoming comparables, new innovation (iQOS 3/Multi devices), lower incremental iQOS spending and continued strong cigarette fundamentals including impressive pricing.
Wells keeps an Outperform rating on Philip Morris and price target of $100.
Subscribe for full text news in your inbox
