Philip Morris stock gets Neutral rating as JPMorgan resumes coverage
Published on 11/10/2026 at 14:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSJPMorgan turns cautious on growth
- JPMorgan resumed coverage with a Neutral rating and a 200 US dollar price target.
- The bank sees heated tobacco leadership supporting high-single-digit organic EBIT growth.
- U.S. nicotine-pouch losses, Russia exposure and valuation limit the scope for further gains.
JPMorgan has resumed coverage of Philip Morris International with a Neutral rating and a 200 US dollar price target, according to Investing.com. The assessment puts the company's smoke-free portfolio at the center of the investment case while highlighting several limits to further valuation expansion.
JPMorgan said Philip Morris has built a leading position in heated tobacco, helping support a high-single-digit organic operating-profit growth profile. The bank also expects deleveraging to about two times by the end of 2026, which could create room for a restart of share buybacks.
Growth remains strong but uneven
The outlook is not without pressure. JPMorgan sees like-for-like growth of 6.2% in 2027, slightly below the 6.5% consensus cited in the report. The bank also pointed to market-share losses in U.S. nicotine pouches, an important risk for a group whose smoke-free brands include IQOS, ZYN and VEEV.
Russia remains another potential overhang. The market accounts for about 7% of group sales, according to the report, while changing geopolitical conditions could create additional uncertainty for U.S. companies operating there. JPMorgan's valuation framework also implies limited room for a further re-rating, with the stock trading on about 21 times projected 2027 earnings in its assessment.
Philip Morris stock traded at 173.35 euros on Lang & Schwarz at 14:12 CET on Tuesday, November 10, 2026.
Philip Morris International
- Company: Philip Morris International
- ISIN: US7181721090
- Ticker: PM
- Home exchange: NYSE
- Lang & Schwarz price: 173.35 euros at 14:12 CET on Tuesday, November 10, 2026
- JPMorgan rating: Neutral
- JPMorgan price target: 200 US dollars
The broader market context is the U.S. equity market, represented by the S&P 500.
Further reports and analysis on Philip Morris stock.
