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British American Tobacco Stock in Focus as Morgan Stanley Reiterates Overweight Rating

British American Tobacco (NYSE: BTI) received continued backing from Morgan Stanley, which reiterated its *Overweight* rating on the tobacco company.

Morgan Stanley maintained a *$68.10 price target* for BTI. With the stock trading around *$55.37*, the target implies approximately *23% upside* from current levels.

The positive stance comes as British American Tobacco continues its transition beyond traditional cigarettes toward reduced-risk and smokeless products, including vaping, heated tobacco and nicotine pouches. The company remains one of the world’s largest tobacco groups, supported by established cigarette brands and growing exposure to alternative nicotine categories.

Morgan Stanley’s Overweight rating suggests it expects BTI to outperform relative to its coverage universe. The combination of the company’s defensive cash-generating tobacco business, dividend profile and longer-term shift toward smokeless products remains central to the investment case.

With BTI trading well below Morgan Stanley’s $68.10 target, the analyst sees meaningful potential upside despite regulatory risks and the structural decline in traditional cigarette consumption.
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Author
WS Investor 09-07-26
BAT has been named a Global Top Employer for the ninth consecutive year by the Top Employers Institute. For 2026, BAT was accredited across five regions and achieved Top Employer status in a record 44 countries worldwide.

The recognition highlights BAT’s focus on inclusive culture, employee development and consistent people practices across markets, supporting the company’s ongoing business transformation and long-term workforce strategy.
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Author
European Investor 01-24-26
BAT says its 2025 results remain on track, now expecting about 2 percent revenue and operating profit growth for the year, supported by strong U.S. momentum and accelerating New Category performance. Velo Plus continues to grow rapidly in the U.S., Vuse shows early improvement as authorities crack down on illicit vapour products, and Velo remains the fastest-growing global New Category.

While AME performs well, APMEA is weighed down by regulatory and fiscal challenges. BAT maintains confidence in its 2026 outlook and announced a £1.3 billion share buyback for next year, supported by strong cash generation and continued progress in reducing leverage.
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Author
The Investor 12-09-25
British American Tobacco has completed the sale of 187.5 million ordinary shares in ITC Hotels through an accelerated bookbuild, representing 9 percent of the company’s share capital. The block trade was executed following BAT’s announcement on 4 December 2025.

The transaction generated net proceeds of INR 38.2 billion, equivalent to approximately £315 million at current exchange rates. BAT stated that the funds will support progress toward its target leverage corridor of 2 to 2.5 times adjusted net debt to adjusted EBITDA (excluding Canada) by the end of 2026.

After the sale, BAT retains an ownership stake of roughly 6.3 percent in ITC Hotels.
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Author
European Investor 12-07-25