Barclays raised the firm’s price target on British American Tobacco to 3,100 GBp from 2,650 GBp and keeps an Overweight rating on the shares. Tobacco stocks had a strong Q2 as market multiples are set not on what is happening now, but on what could happen in the terminal year, the analyst tells investors in a research note. The firm rolled forward its price targets by six months and increased multiples by 10%.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BTI:
- British American Tobacco call volume above normal and directionally bullish
- British American Tobacco price target raised to 2,850 GBp at Morgan Stanley
- British American Tobacco price target raised to 3,500 GBp at Deutsche Bank
- British American Tobacco (NYSE:BTI) Pre-Earnings: Here’s What to Expect
- FDA authorizes marketing of seven e-cigarette products in U.S.