Philip Morris International Inc. (PM) has reported continued gains in market share for its Marlboro brand while successfully pivoting towards smoke-free alternatives, with smoke-free revenue reaching $17 billion. Analysts remain optimistic, raising their price target to $210, supported by a projected adjusted EPS growth of 14.8%. The company now derives over half of its net revenues from smoke-free products in 27 markets, marking a significant change in consumer preferences. Despite high levels of debt and limited popularity among hedge funds, PM's recent dividend increase of 8.9% and a solid dividend yield of 3.1% position it as an attractive investment.