BAT Packs a Week of Regulatory Wins, Board Changes and a Goldman Upgrade
Published on 11/09/2026 at 18:51 | Editorial boerse-global.de
British American Tobacco closed out a busy stretch with a pair of regulatory and corporate announcements that touched nearly every part of its business — from a US marketing clearance for its nicotine pouches to a fresh board appointment — while a Goldman Sachs upgrade and a new product launch in Japan rounded out the news flow.
The most consequential item came from the US Food and Drug Administration, which on 30 October authorised the marketing of 24 Velo nicotine pouch products. The manufacturer is Modoral Brands Inc., an operating company of Reynolds American Inc., which in turn sits under the British American Tobacco umbrella. The decision applies specifically to those Velo products from that manufacturer and amounts to a marketing authorisation for nicotine pouches within the group.
On the product front, BAT said on 2 November that VELO Mango Ice Medium had launched in Japan, with the new variant available there from that day. The announcement was explicitly tied to the Japanese market.
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Board Refresh Set for 2026 and 2027
The company also moved on governance. On 28 October it named Bruce Sewell as an independent non-executive director, effective 1 January 2027. Alongside that appointment, BAT disclosed changes to its committee lineup that take effect earlier, on 30 November 2026, covering both the audit and remuneration committees.
Capital Returns and a Bullish Call From Goldman
Goldman Sachs upgraded British American Tobacco from "Neutral" to "Buy" on 2 November, according to media reports, and lifted its price target to 5,600 pence from 5,200 pence. The broker pointed to earnings growth, capital returns to shareholders and the dividend yield as reasons for the more favourable view.
Separately, BAT issued 45,205 ordinary shares on 2 November under its Sharesave Scheme, an existing employee share programme. In a separate mandatory disclosure, the group reported the total number of its voting shares at the end of October: roughly 2.2 billion ordinary shares as of the 30 October record date. The voting-rights figure came in its own notice, distinct from the announcement covering the new share issuance.
Shares Slip Despite the Upbeat Backdrop
The stock has nonetheless headed lower. BAT fell 2.5% on Friday to close at €54.84, leaving the week's trading at odds with the more positive analyst assessment published at the start of the week. The decline continued into the current session, with the shares down 0.3% at €54.70.
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