Philip Morris International
has been picking up steam and analyst praise in recent months. The tobacco maker’s upcoming first quarter, due out before the bell Tuesday, is a chance for the stock to notch another leg up.
Philip Morris (PM) is up just over 12% year to date, and has risen nearly 21% in the past 12 months.
The stock scored an upgrade earlier this month, as analysts praise its heat-not-burn device, iQos, which they believe will dominate the market as consumers increasingly turn to reduced risk products over traditional combustible cigarettes.
Other analysts have argued that the industry as a whole could see an upbeat reporting season.
Philip Morris shares got a boost after its previous better-than-expected fourth-quarter results, delivered in February.
For the upcoming report, analysts are looking for earnings per share of $1.40 on revenue of $7.27 billion, according to FactSet. That compares with EPS of $1.26 and revenue of $7.44 billion in the prior quarter.
Three quarters of the 20 analysts tracked by FactSet rate Philip Morris a Buy or the equivalent, while a quarter rate it at Hold. There are no bearish calls on the Street. The average analyst price target is $100.48.
Philip Morris will host a conference call at 9 a.m. EDT on Tuesday.
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