Philip Morris: Buy the Smoke-Free Growth, Respect the Price
Philip Morris (PM) is a global tobacco incumbent with heavy exposure to higher-growth smoke-free products and a reliable ~$12.7B annual free cash flow stream. The stock trades at a premium (P/E ~27.5, P/FCF ~23.5) but carries a 3%+ dividend and bullish technicals. This trade idea is a mid-term (45 trading days) swing long to $215 with a $178 stop—a…