Argus downgraded British American Tobacco (BTI) to Hold from Buy with no price target. While the management expects global tobacco volume to be down 2% in 2024, the stock has outperformed relative to the broader index and the Consumer Staples ETF (IYK) over the past three months, the analyst tells investors in a research note. The firm adds that it would consider returning British American Tobacco to the Buy list on signs of stronger sustained earnings growth from new categories.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% 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>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on BTI:
- Juul Labs laying off about 30% of workforce, WSJ reports
- British American Tobacco price target lowered to 3,100 GBp at Morgan Stanley
- British American Tobacco call volume above normal and directionally bullish
- British American Tobacco price target lowered to 3,300 GBp from 3,500 GBp at Morgan Stanley
- Ex-Dividend Date Nearing for These 10 Stocks – Week of July 10