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Bottom line Goldman Sachs.... Bottom line: while we continue to like PM’s long-term positioning with iQOS and appreciate PM’s hugely cash-generative combustible cig portfolio as well as the opportunity Beyond Nicotine, we believe visibility on standalone PM remains limited in the near-term given a highly challenging & uncertain cost/consumer environment. Further, we believe that standalone PM’s accelerating growth opportunities are likely coming at higher than expected costs at least over the near-term given the incremental costs of reaccelerating iQOS user growth and management comment (with 3Q earnings) that it would need to invest in iQOS’ distribution in the U.S. even with its acquisition of SWMA, following the conclusion of its IQOS agreement with MO. We maintain our $85 12-month price target and our Neutral rating. |
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| Msg # | Subject | Author | Recs | Date Posted |
| 13278 | Re: Bottom line | Korynd | 2 | 11/12/2022 11:20:21 AM |
