• Philip Morris International (PM) is trading 3.4% down at $180.77 in after-hours trading after closing at $187.06 during the regular session.
  • This decline comes despite the U.S. FDA recently granting Modified Risk Tobacco Product orders for 20 ZYN nicotine pouch variants, allowing marketing claims that switching from cigarettes to ZYN lowers health risks, a significant development for the company's smoke-free portfolio.
  • Furthermore, UBS increased its price target for PM from $168 to $182 on July 2.