Wells Fargo positive on Philip Morris ahead of earnings

|About: Philip Morris Internation... (PM)|By:, SA News Editor

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.

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