UK
Citi upgraded Imperial Brands and British American Tobacco (BAT) based on positive demand growth forecasts.
Imperial Brands shares went up 1.9%, while BAT went up 1.4% after Citi upgraded their stocks to “buy.” By the end of March, BAT shares had risen 26.2%, while Imperial Brands were up 10.3% - both outperforming a 7.6% rise in FTSE 100.
A spokesperson for Citi said, “We expect organic growth will pick up this year as NGPs (next generation tobacco and nicotine products) sales accelerate and we think the regulatory threat will probably move away from cigarettes. The shares could still rise a long way because we think the environment will continue to look less threatening.”