Street View: Philip Morris ramps up Zyn spending but at a cost

** Marlboro maker Philip Morris International <PM.N> shares up 2%, after falling 9% on Tuesday after results

** The tobacco company raised lower end of adjusted annual EPS forecast but investors fear for future sales due to major one-off promotions, price changes and other support for the nicotine pouch brand Zyn

COSTS TOO HIGH?

** Stifel ("buy," PT: $180) says co delivered a strong third quarter, but says heavier investment in the Zyn nicotine pouch business and inventory headwinds likely to weigh on fourth-quarter profit growth

** But brokerage views the inventory headwind as transitory

** Morgan Stanley ("overweight," PT: $175) says Zyn volumes benefited from aggressive promotions in September

** JP Morgan ("overweight," PT: $190) says there are concerns about high promotions in the U.S. nicotine market in response to increased competition