Morgan Stanley double upgrades BAT to 'overweight'

By Michele Maatouk

Date: Friday 24 Apr 2026

(Sharecast News) - Morgan Stanley double upgraded British American Tobacco on Friday to 'overweight', saying it was its top pick in European tobacco.
The bank hiked its price target on BAT to 4,900p from 3,050p.

Morgan Stanley said that despite structural declines in combustibles, it is overall constructive on tobacco within EU Staples due to the defensiveness of the category, lower earnings dispersion, superior cash generation and an undemanding valuation.

It downgraded Imperial Brands to 'equalweight' and cut the price target to 3,050p from 3,200p.

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