NEW YORK (TheStreet) -- Shares of Philip Morris (PM - Get Report) were higher in pre-market trading on Thursday as the New York-based company narrowed its 2016 earnings guidance. 

Philip Morris now expects earnings to be in the range of $4.53 to $4.58 per share vs. its prior view of $4.45 to $4.55 per share. Analysts are looking for earnings of $4.49 per share for 2016.

The cigarette and tobacco products company adjusted its outlook to include the impact of currency moves, Philip Morris said in a statement. 

Additionally, during an investors conference yesterday Philip Morris said it is increasing investment in cigarette alternatives to expand sales to about 35 countries next year, according to Bloomberg

The company hopes to eventually establish itself as the leading tobacco company to develop reduced-risk products that may eventually replace traditional cigarettes. 

Philip Morris' CEO Andre Calantzopoulos said the company plans to spend an additional $100 million this year on next-generation products, such as its iQOS heat-not-burn tobacco device, Bloomberg reports. 

The iQOS is a rechargeable electronic device that heats tubes of tobacco. More than 1 million smokers have begun using the iQOS device. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

TheStreet Ratings team rates Philip Morris as a Hold with a ratings score of C+. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. However, as a counter to these strengths, the team also find weaknesses including deteriorating net income and weak operating cash flow.

You can view the full analysis from the report here: PM

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