UBS Downgrades BAT Rating to "Neutral" in Recent Report

BAT by 2FIRSTS.ai
Jan.24.2024
UBS Downgrades BAT Rating to "Neutral" in Recent Report
UBS downgrades BAT's rating from "buy" to "neutral" and lowers target price from 2900p to 2400p due to doubts regarding revenue targets.

German news agency dpa-AFX Analyzer reported on January 22nd that UBS has recently downgraded its rating on British American Tobacco (BAT) from "buy" to "neutral", while also lowering the stock price target from 2900 pence to 2400 pence.

 

In the latest research report, analyst Faham Baig from the bank mentioned that British American Tobacco has adopted multiple strategies to address the gradual transformation in the tobacco industry, and to some extent, these strategies have been successful. However, he noted that the company's performance has been inconsistent in executing these strategies. He expressed doubt about the company's revenue target set for 2025 in the "new business areas," believing that it may be challenging to achieve.

 

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

Product | PMI Launches ZYN Melts in UK, Extending ZYN Beyond Nicotine Pouches Into Dissolvable Tablets
Product | PMI Launches ZYN Melts in UK, Extending ZYN Beyond Nicotine Pouches Into Dissolvable Tablets
Philip Morris International (PMI) has launched ZYN Melts in the UK, introducing a fully dissolvable oral nicotine tablet format alongside the brand's existing nicotine pouches. The range includes Cool Mint and Peppermint, each offered at 1mg and 2mg of nicotine per tablet, creating four SKUs. Each can contains 20 tablets and is priced at £6.50 in the UK. Unlike ZYN nicotine pouches, Melts are placed between the upper lip and gum and dissolve completely during use.
News
Sep.29 by 2Firsts Perspectives
Japanese Addiction Psychiatrist Says Complete Abstinence Is Not Always the Goal of Harm Reduction | 2Firsts Interview
Japanese Addiction Psychiatrist Says Complete Abstinence Is Not Always the Goal of Harm Reduction | 2Firsts Interview
Complete abstinence is not always the goal of addiction treatment under a harm-reduction approach, Japanese psychiatrist Tomohiro Shirasaka told 2Firsts in Manila. In the interview, he discussed patients' quality of life, Japan's shift towards heated tobacco products, and the challenges of quitting smoking for people with mental illness. Drawing on addiction treatment work in the Philippines, he advocated support rather than punishment and questioned whether fear-based health warnings effectively address the reasons people continue smoking.
Nov.10
JTI Invests ₱2.1 Billion to Upgrade Batangas Manufacturing Hub, Adds First Southeast Asia DIET Facility
JTI Invests ₱2.1 Billion to Upgrade Batangas Manufacturing Hub, Adds First Southeast Asia DIET Facility
JTI Asia Manufacturing Corp. has invested ₱2.1 billion, or about $37 million, in its manufacturing site in Malvar, Batangas, Philippines, to expand tobacco-processing capabilities. About ₱1.9 billion is allocated to JTI's first Dry Ice Expanded Tobacco, or DIET, facility in Southeast Asia, while more than ₱177 million has been spent on expanding its Controlled Atmosphere treatment facility. The Batangas plant supplies the Philippine market and exports to 22 overseas markets, making it one of JTI's key manufacturing hubs in Asia.
Sep.24
Latest UK ONS Data: Vaping Rate Edges Down to 9.9% in 2025, a Year After Overtaking Cigarette Smoking
Latest UK ONS Data: Vaping Rate Edges Down to 9.9% in 2025, a Year After Overtaking Cigarette Smoking
Vaping prevalence in Great Britain edged down to 9.9% in 2025 from 10.0% in 2024, with the number of adult users holding at approximately 5.4 million for a second consecutive year, according to the Office for National Statistics (ONS). E-cigarette use had risen from 6.4% in 2020 to 10.0% in 2024, when it exceeded cigarette smoking prevalence for the first time. Cigarette smoking continued to decline to 8.7% in 2025, widening the gap to 1.2 percentage points. Daily vaping declined slightly, while usage among adults aged 25–34 increased despite falling rates in other age groups.
DATA
Oct.14
Product | BAT Revises Japan's VELO Convenience Store Lineup, Adding ¥380 Mango Pouches as Selected SKUs Exit
Product | BAT Revises Japan's VELO Convenience Store Lineup, Adding ¥380 Mango Pouches as Selected SKUs Exit
British American Tobacco's Japanese subsidiary, BAT Japan, launched VELO Mango Ice Medium on November 2, 2026, with distribution expanding to selected 7-Eleven, FamilyMart, NewDays and Seicomart stores from November 3. The new oral tobacco product contains 15 pouches per can and retails for ¥380, featuring a mango and cooling flavor profile at Medium intensity. At the same time, BAT Japan raised prices on multiple existing VELO products from ¥360 to ¥380 per can and withdrew selected SKUs from convenience store distribution without discontinuing them entirely. The changes affect product assortment, pricing and retail channel allocation.
product
Nov.04
Pennsylvania Lists 163 Vape Products Eligible for Sale, Including Vuse and JUUL; Previously Pending Chinese Brands Such as OXBAR Remain Absent, While Unlisted Products Including Geek Bar Face Enforcement From October 19
Pennsylvania Lists 163 Vape Products Eligible for Sale, Including Vuse and JUUL; Previously Pending Chinese Brands Such as OXBAR Remain Absent, While Unlisted Products Including Geek Bar Face Enforcement From October 19
Pennsylvania begins enforcing its electronic nicotine delivery system (ENDS) directory restrictions on October 19, 2026. The October 18 directory contained 163 product records from seven manufacturers, including Vuse, JUUL, NJOY, Logic and Naked 100. Geek Bar, RAZ and Lost Mary were absent. BAT, Altria, Japan Tobacco and JUUL collectively accounted for 112 records, or 68.7%, while Imperial Brands' blu had no listings. The directory included 15 disposable vape records, 40 bottled e-liquids and 10 products labeled 0mg, but no open-system refillable devices. Twenty-two manufacturer certifications remained under review. Four Logic models corresponding to Smoore's pending records were listed under the brand owner, while LYCO, OXBAR and Boulder/Rock had no approved directory entries.
Regulations
Oct.19