British American Tobacco on Track With our Forecasts in Trading Update
We are retaining our short-term estimates, wide economic moat rating and GBP 45 fair value estimate for British American Tobacco following the company's brief trading update. The market has reacted negatively, with the stock trading down by almost 5% yesterday, but we do not believe the update revealed any incremental material negative information. We continue to believe there is significant upside to tobacco valuations, and following the steep sell-off in BAT this year, we are constructive on t...
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