Philip Morris upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Jared Dinges upgraded Philip Morris to Overweight from Neutral with a price target of $116, up from $109. IQOS ILUMA has "stepped up" the company’s heated tobacco share in its initial launch markets, yet it’s been impacted by severe supply chain constraints, the analyst tells investors in a research note. The firm believes these should ease in the second half of 2023, which will accelerate Philip Morris’s earnings growth into fiscal 2024, despite increased U.S. investments. JPMorgan says the U.S. should provide a medium-term tailwind to Philip Morris’s smoke-free business.