BAT: Credit Suisse maintains 'Outperform' rating
(CercleFinance.com) - Credit Suisse reinstates its "outperform" rating on British American Tobacco (BAT), while reducing its target price for the share by 3% to 3,930 pence, in the wake of a 2%-5% reduction in its 2020-21 EPS estimates due to "a greater FX headwind".
BAT's in-line H1 results and maintained FY20 guidance (LFL sales 1-3%, constant FX EPS up MSD) brought welcome reassurance," the broker says, however, confirming its estimates for 2020 sales growth of 2.1% on a comparable basis and a margin of 43.6%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
BAT's in-line H1 results and maintained FY20 guidance (LFL sales 1-3%, constant FX EPS up MSD) brought welcome reassurance," the broker says, however, confirming its estimates for 2020 sales growth of 2.1% on a comparable basis and a margin of 43.6%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.