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.
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