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Investors are buying more shares of Philip Morris International, pushing its stock up as it diversifies into new products.
AllianceBernstein and other firms have increased their stakes in Philip Morris International (PM) by buying more shares, while short interest dropped by 22.5% in March.
PM recently beat earnings estimates, reporting EPS of $1.55, and insiders have sold significant shares.
The stock has a "Moderate Buy" rating and a consensus price target of $144.56.
PM is diversifying into smoke-free and non-tobacco products.
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