Chris Hondros/Hulton Archive via Getty Images Introduction We review our Philip Morris International Inc. (NYSE:PM) investment case after Q1 2023 results last Thursday (April 21). We initiated our Buy rating on PM in June 2019. Since then, shares have gained 49% (including dividends), including 33% since the end of 2020. Librarian Capital Rating History vs. PM Share Price (Last Year) Source: Seeking Alpha (25-Apr-22). Q1 results support our view that: The planned exit from Russia will materially rebase earnings lower Currency has become a stronger headwind in 2023 than before PM trading otherwise remains strong, especially in Reduced Risk Products Our forecasts show a total return of 35% (9.