Moving Tobacco Trend Ratings to Negative, but Market Is Too Pessimistic on Our Picks
We have lowered our moat trend for British American Tobacco, Imperial Brands, and Philip Morris International to negative from stable because we suspect that recent evidence regarding the economics of next-generation products may signal a deterioration in Big Tobacco’s cost advantage in the long term, and because cigarette brand equity appears to be less transferable to next generation products, or NGPs, than we had initially thought. However, although we have become incrementally more concerned...
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