BAT: Morgan Stanley still a buyer, adjusts TP
(CercleFinance.com) - Morgan Stanley reainstates its "overweight" recommendation on British American Tobacco (BAT), having adjusted its corresponding target price from 3,380 pence to 3,330 pence, stating that it sees a significant opportunity in the tobacco group's new model.
"Contrary to market perception BAT's user base is growing: from ~143mn in 2017 to ~146mn in 2019," the broker highlights, believing that this base could reach about 155 million by 2030.
"We see a significant opportunity in BAT's new model, just as the shares and investor interest hit multi-year lows," it summarises.
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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.
"Contrary to market perception BAT's user base is growing: from ~143mn in 2017 to ~146mn in 2019," the broker highlights, believing that this base could reach about 155 million by 2030.
"We see a significant opportunity in BAT's new model, just as the shares and investor interest hit multi-year lows," it summarises.
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.