Jefferies analyst Owen Bennett sees a "big opportunity" in shares of British American Tobacco (BTI) following yesterday's selloff. There is a "very strange disconnect here," Bennett tells investors in a research note. The 3.5% pullback doesn't make sense, he adds. He believes that if the market thinks Philip Morris' (PM) IQOS won't get approved, then it is a positive for British American Tobacco. The analyst thinks the selloff can only be explained by holders assuming a Premarket Tobacco Application for IQOS will be approved. Such an approval will likely create support for Philip Morris and Altria Group (MO), Bennett argues. Following conversations in the U.S., the analyst sees a "complete lack of knowledge" around where British American Tobacco stands with heated tobacco approvals. Bennett has Buy ratings on all three stocks.