Action | 31 Jul 2026 10:33:41 ET │ 10 pages British American Tobacco PLC (BATS.L) Removing Upside 90-Day Short-Term View Following 1H results, we updated our estimates and now close our positive short-term view. Buy | Price (30 Jul 26 16:30) | £45.66 | | --- | --- | | Target price | £52.00 | | Expected share price return | 13.9% | | Expected dividend yield | 5.5% | | Expected total return | 19.4% | | Market Cap | £98,765M | | | US$132,997M | Simon HalesAC +44-20-7986-4049 simon.hales@citi.com | British Amer ...

Flash | 31 Jul 2026 05:39:19 ET │ 11 pages British American Tobacco PLC (BATS.L) Model Update CITI'S TAKE We make limited changes to FY26E organic estimates following H1 results (NOTE) but upgrade EPS by c.2% on lower finance costs. Looking ahead, BAT is clearly optimistic about the improving regulatory situation in the US and that further H2 innovations in Modern Oral will protect its Velo business. However, H2 US OSG will slow sequentially (we estimate +4.6%) as H1 combustibles phasing benefit don't repea ...