Fly News Breaks for March 5, 2020
Mar 5, 2020 | 06:18 EDT
Bernstein analyst Callum Elliott upgraded British American Tobacco to Outperform from Market Perform with a 3,900 GBp price target. In a research note to investors, Elliott says that in the eleven months since CEO Jack Bowles took over the business, the speed of change has been "impressive," and he believes that British American Tobacco is now future-proofing its business by investing through the P&L in NGPs. In less than twelve months since taking over, Bowles has overseen the launch of a significant restructuring program, Elliott says, adding that while this kind of cultural shift takes time, all the early signs point to the transition being well underway.
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