British American Tobacco Appears on Track in Preclose Trading Update
We are retaining our short-term estimates, wide economic moat rating, and GBX 4,500 fair value estimate for British American Tobacco following the company's brief trading update before it closes the books on 2018. Management said it expects BAT to beat its full-year high-single-digit EPS growth guidance. More significant to the company's valuation, in our view, is the potential ban on menthol in the U.S., which could significantly reduce sales of the company's Newport brand.BAT says it expects ...
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