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BAT: Morgan Stanley upgrades share

(CercleFinance.com) - Morgan Stanley has upgraded its rating on British American Tobacco (BAT) to "underweight" (sell) to "weight in line" (neutra), having increase its target price from 2,600 pence to 3,500 pence, stressing that "Risk from US regulation seems to have abated near term".


"This is reflected in the +12-20% rise in share prices across EU tobacco," the broker says, although warns that "fundamental challenges remain with risk to US volumes over 2020-21".


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