Research Analyst Reaffirms "Buy" Rating on BAT

BusinessBAT by 2FIRSTS.ai

Nov.20.2023

Research Analyst Reaffirms "Buy" Rating on BAT

Research analysts reaffirmed a "buy" rating on British American Tobacco (LON:BATS) after its stock fell 2p (0.02 USD) to 2,518p (30.92 USD) on Wednesday.

In a research report on Wednesday, analysts reconfirmed their "buy" rating on British American Tobacco (LON:BATS). Shares of BATS declined by 2 pence (0.02 USD) to a price of 2,518 pence (30.92 USD) during midday trading on Wednesday.

References:

[1] Jefferies Financial Group Reaffirms Buy Rating for British American Tobacco (LON:BATS)

Also Read:

[1] BAT Celebrating One Year Anniversary of glo™ Smokeless Product

[2] BAT Russian Division's Ownership Transferred to Abu Dhabi

#Research #British American Tobacco (BAT)

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

Copyright

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

China Tobacco Regulation Shift：Policy Updates and Market Impact

China Tobacco Regulation Shift：Policy Updates and Market Impact

Product | Japan Tobacco Expands Nordic Spirit Nicotine Pouch Range to Eight SKUs in Japan, Launches Melon Variant and Broadens Mint Retail Distribution

Product | Japan Tobacco Expands Nordic Spirit Nicotine Pouch Range to Eight SKUs in Japan, Launches Melon Variant and Broadens Mint Retail Distribution

Japan Tobacco Inc. (JT) launched Nordic Spirit Rich Melon Medium through selected tobacco retailers in Japan on November 2, 2026, while expanding physical retail distribution for three existing mint products previously sold through the CLUB JT online store. The melon launch brings Nordic Spirit's Japanese portfolio to eight SKUs. All four products are manufactured in Sweden, contain a standard 14 pouches per can and retail for ¥500 including tax. Since introducing Nordic Spirit in Japan in March, JT has expanded the brand's product lineup and distribution through its online store, convenience stores and selected tobacco retailers.

Why Does JPMorgan Favor BAT Over Philip Morris Despite Forecasting Slower Growth of 3.9% Versus 6.2%?

Why Does JPMorgan Favor BAT Over Philip Morris Despite Forecasting Slower Growth of 3.9% Versus 6.2%?

JPMorgan resumed equity research coverage of British American Tobacco (BAT), Philip Morris International (PMI) and Imperial Brands in November 2026, assigning BAT an Overweight rating and the other two companies Neutral ratings. The bank forecasts like-for-like sales growth of 3.9% for BAT and 6.2% for PMI in 2027, but estimates the two companies will trade at approximately 11 times and 21 times 2027 earnings, respectively. JPMorgan cited BAT's improving position in US nicotine pouches and vaping products as a driver of its investment outlook. BAT reported a 220% constant-currency increase in US modern oral nicotine revenue in the first half of 2026, while PMI's ZYN US shipments returned to growth in the third quarter. Imperial expects NGPs to represent 4% to 5% of sales and has expanded its oral portfolio through acquisitions.

Capital Markets

JTI Proposes 25-Cent Irish Cigarette Tax Increase, Says It Could Raise €45 Million

JTI Proposes 25-Cent Irish Cigarette Tax Increase, Says It Could Raise €45 Million

Japan Tobacco International's Irish business has proposed a €0.25 tax increase on a pack of 20 cigarettes in its pre-Budget 2027 submission, below the €0.50-or-more increases typically imposed in recent Irish budgets. JTI says the proposal could generate around €45 million in additional Exchequer revenue while limiting further movement toward illicit and non-Irish-tax-paid tobacco. Revenue's existing estimate for a comparable €0.25 increase, including pro-rata rises on other tobacco products, is about €18 million for a full year.

Sep.18 by 2Firsts Perspectives

Product｜AIR Files U.S. PMTA for Crown Switch. Can Greentank's Chip Technology Deliver a Compliance and Competitive Advantage?

Product｜AIR Files U.S. PMTA for Crown Switch. Can Greentank's Chip Technology Deliver a Compliance and Competitive Advantage?

AIR Global PLC (NASDAQ: AIIR) announced on November 5, 2026, that it had submitted a Premarket Tobacco Product Application (PMTA) to the U.S. Food and Drug Administration (FDA) for Crown Switch, its rechargeable pod vape platform. First launched in Germany in November 2025, the device uses Quantum Chip atomization technology developed by Canadian vaporization technology company Greentank Innovations. German retail versions feature 2mL prefilled pods containing 18mg/mL nicotine in six flavors, while AIR has separately tested two 5% nicotine formulations intended for U.S. development. AIR invested $20 million in Greentank in July and reported approximately $3.4 million in U.S. PMTA-related regulatory costs for the first nine months of 2026. The Crown Switch application has been submitted, but the FDA has not granted marketing authorization.

Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1

Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1

Australia's Therapeutic Goods Administration published a final decision on September 25 to classify 6-methylnicotine as a Schedule 9 prohibited substance under the Poisons Standard, effective October 1, 2026. TGA said the chemical has been reported in e-cigarette liquids sold in Australia and marketed as nicotine-free or nicotine alternatives, while evidence also indicates its use in preparations such as oral pouches. The government originally proposed a Schedule 7 classification but ultimately adopted the stricter Schedule 9 designation, citing acute toxicity, dependence risk, use in unapproved consumer products and misleading marketing.

Sep.29 by 2Firsts Perspectives

NAS 2026 | Cliff Douglas: Risk Continuum Should Play a Central Role in Tobacco Policy

NAS 2026 | Cliff Douglas: Risk Continuum Should Play a Central Role in Tobacco Policy

Cliff Douglas, a veteran U.S. tobacco-control and public health policy figure, told NAS 2026 that the “continuum of risk” should play a central role in tobacco policy. He called for clearer market pathways, stronger risk communication, differentiated regulation and enforcement, and said possible FDA reforms to PMTA reviews could be a “welcome correction” if they create a more efficient, predictable route for scientifically substantiated lower-risk products. Read 2Firsts’ on-site coverage.

Related Topics

Related Read

Product | Japan Tobacco Expands Nordic Spirit Nicotine Pouch Range to Eight SKUs in Japan, Launches Melon Variant and Broadens Mint Retail Distribution

Product | Japan Tobacco Expands Nordic Spirit Nicotine Pouch Range to Eight SKUs in Japan, Launches Melon Variant and Broadens Mint Retail Distribution

Why Does JPMorgan Favor BAT Over Philip Morris Despite Forecasting Slower Growth of 3.9% Versus 6.2%?

Why Does JPMorgan Favor BAT Over Philip Morris Despite Forecasting Slower Growth of 3.9% Versus 6.2%?

JTI Proposes 25-Cent Irish Cigarette Tax Increase, Says It Could Raise €45 Million

JTI Proposes 25-Cent Irish Cigarette Tax Increase, Says It Could Raise €45 Million

2Firsts Perspectives

Product｜AIR Files U.S. PMTA for Crown Switch. Can Greentank's Chip Technology Deliver a Compliance and Competitive Advantage?

Product｜AIR Files U.S. PMTA for Crown Switch. Can Greentank's Chip Technology Deliver a Compliance and Competitive Advantage?

Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1

Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1

2Firsts Perspectives

NAS 2026 | Cliff Douglas: Risk Continuum Should Play a Central Role in Tobacco Policy

NAS 2026 | Cliff Douglas: Risk Continuum Should Play a Central Role in Tobacco Policy