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Fly News Breaks for January 22, 2020
BTI
Jan 22, 2020 | 11:56 EDT
Morgan Stanley analyst Sanath Sudarsan assumed coverage of British American Tobacco and upgraded the stock to Equal Weight from Underweight with a price target of 3,500 GBp, up from 2,600 GBp, as he thinks the recent U.S. regulatory changes offer some relief for the company. While he continues to see strong near-term growth, driven by strong pricing and ongoing cost savings, Sudarsan thinks the longer-term impact of "Tobacco 21" and the FDA's support for flavors in open tobacco has been underappreciated, the analyst tells investors.
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