Global tobacco giant Philip Morris International (NYSE: PM) is uniquely positioned in the U.S. marketplace, as its IQOS heated tobacco cigarette alternative is the only electronic cigarette currently approved for sale while having also earned a reduced-risk label from the Food and Drug Administration.
Yet traditional cigarettes still represent the majority of its revenue, and that industry remains in a secular decline. Although tobacco is supposed to be recession-proof, Philip Morris stock is down 13% year to date.
With a lot of ways this can go for the tobacco stock, let's look at whether Philip Morris is a buy.
Source Fool.com