Philip Morris International

PM · NYSE

$199.90−$1.15 (−0.57%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $201.05

PM analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform0
Sell0

12-month price target · 20 analysts

Average $206.13 (+3.1% upside)

Low: $152.51
Now: $199.90
High: $236.25

Upgrades and downgrades

The latest rating actions, newest first

PM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 23, 2026	Maintains	Neutral	$182.00 → $193.00	57%
Citigroup	Jul 30, 2026	Maintains	Buy	$210.00 → $225.00	63%
Barclays	Jul 29, 2026	Maintains	Overweight	$205.00 → $225.00	54%
Morgan Stanley	Jul 23, 2026	Maintains	Overweight	$200.00 → $215.00	50%
Stifel	Jul 23, 2026	Maintains	Buy	$195.00 → $205.00	41%
Needham	Jul 23, 2026	Maintains	Buy	$200.00 → $215.00	32%
UBS	Jul 2, 2026	Maintains	Neutral	$168.00 → $182.00	57%
Morgan Stanley	Jun 3, 2026	Maintains	Overweight	$190.00 → $200.00	50%
Needham	Apr 23, 2026	Maintains	Buy	$200.00	32%
UBS	Apr 17, 2026	Maintains	Neutral	$181.50 → $168.00	57%

The case for and against

Updated Oct 14, 2026

Bull case

Philip Morris Intl is favored because its smoke-free portfolio—IQOS, ZYN, and VEEV—continues to gain share while the business still benefits from resilient combustibles and strong pricing, creating a durable earnings engine. Recent results underscore that strength, with second-quarter EPS of $2.20, over 7.5% organic sales growth, nearly 11% organic operating profit growth, and triple-digit gross margin expansion supporting confidence in the model. Management’s decision to hold full-year guidance while accelerating investment behind ZYN and preparing for ILUMA looks prudent, as it uses strong cash generation and regulatory advantages from MRTP authorization to fund growth without compromising the broader outlook.

Bear case

Philip Morris Intl is exposed to weakening fundamentals if IQOS loses share and U.S. nicotine pouch competition slows growth, because that would pressure revenue, gross margin, and earnings. The bear case also hinges on combustibles volumes falling faster than pricing can offset, which would drive revenue declines and margin contraction, while a longer-than-expected IQOS PMTA process and FDA compliance hurdles add regulatory risk. Although third quarter expectations still call for about 4% organic revenue growth, 30bps of gross margin expansion, and 3% EPS growth on a constant currency basis, the outlook remains vulnerable to category erosion and promotional headwinds.

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