Philip Morris International (PM)
Recap: Q2 2026
A Big Beat, ZYN Ultra Lands, and the Round-Trip Back to All-Time Highs: Downgrading to Hold at ~23x
Recap: Q1 2026
IQOS Passes Marlboro, the Smoke-Free Engine Accelerates, and the Stock Has Come Back to Us — Upgrading to Outperform on a ~20% Pullback
Recap: Q4 2025
The Round-Trip Back to the Highs: A Near-Flawless FY2025 Meets a Below-Algorithm 2026 Guide and a Full Valuation — Downgrading to Hold, Taking the Gain
Recap: Q3 2025
The De-Rating Plus the Proof We Wanted: ZYN Offtake Accelerates to +39%, Margins Hit a Four-Year High, Dividend Raised 8.9% — Upgrading to Outperform
Recap: Q2 2025
A Best-in-Class Beat-and-Raise the Market Sold: Record Revenue and Reaccelerating IQOS/ZYN Meet a Priced-for-Perfection Tape — Initiating at Hold