British American Tobacco upped to buy from underperform at Bank of America

British American Tobacco received a double upgrade to buy from underperform at Bank of America, which lifted its price target for the U.K. shares to 3400 pence from 2500 pence. "An opportunity has opened up for BAT in vaping given 1) investment resets from JUUL and Imperial, 2) favourable competitive asymmetries in flavours and 3) potential market consolidation post May PMTA deadline," the broker said.

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