Philip Morris Stock Is Slumping, but It May Be the Best Tobacco Play – Barron’s

Philip Morris Stock Is Slumping, but It May Be the Best Tobacco Play – Barron’s

Tobacco stocks have performed poorly in 2020, but not for the reasons that investors might think, argues Citigroup. The firm thinks this could change, and that Philip Morris International is the way to play the sector.

It’s not just this year, that’s been a problem for the industry, notes analyst Adam Spielman: Tobacco has “underperformed consistently since 2017.” Some investors attribute the stocks’ lagging to the rise of ESG (environmental, social, and governance) investing, while others point to competition from e-cigarettes,…

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