Philip Morris stock gets Neutral rating as JPMorgan resumes coverage

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.

The broader market context is the U.S. equity market, represented by the S&P 500.

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