British American Tobacco stock gets JPMorgan Overweight rating

Published on 11/13/2026 at 17:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

British American Tobacco stock gets a fresh JPMorgan Overweight call. The bank sees nicotine pouches and US vaping supporting medium-term growth.

JPMorgan backs BAT growth outlook

J.P. Morgan expects BAT's like-for-like sales growth to return to 3% to 5% in 2027.
Nicotine pouches and US vaping are central to the broker's investment case.
BAT's December pre-close trading update is the next major test for the outlook.

BAT, GB0002875804, Illustration mit AI erstellt.

J.P. Morgan has relaunched coverage of British American Tobacco with an Overweight rating and a 5,300-pence price target. The call was issued on Tuesday, November 10, and highlights market-share gains in nicotine pouches and US vaping as potential drivers of renewed growth.

The figures were reported by Investing.com on November 10. The broker forecasts like-for-like sales growth of 3.9% in 2027 and adjusted earnings per share of 389 pence, about 1% above consensus.

New nicotine categories drive the case

J.P. Morgan said BAT's multi-category next-generation portfolio has gained share in US nicotine pouches and vaping. It also sees easing pressure in Asia-Pacific, the Middle East and Africa, alongside modestly improved US cigarette trends, as support for the outlook.

The broker expects BAT's net debt-to-EBITDA ratio to return to its 2 to 2.5 times target range by the end of 2026, with a forecast of 2.4 times. It said that progress could support higher buybacks over time.

December update becomes the next test

Investors will look to BAT's upcoming December pre-close trading update for evidence that momentum in newer nicotine products is translating into the growth profile outlined by J.P. Morgan. The analyst view remains an outlook rather than a guarantee of future performance.

British American Tobacco stock traded at 55.87 euros on Lang & Schwarz at 17:09 CET on Friday, November 13.