British American Tobacco (BAT)

JPMorgan resumed equity research coverage of British American Tobacco (BAT), Philip Morris International (PMI) and Imperial Brands in November 2026, assigning BAT an Overweight rating and the other two companies Neutral ratings. The bank forecasts like-for-like sales growth of 3.9% for BAT and 6.2% for PMI in 2027, but estimates the two companies will trade at approximately 11 times and 21 times 2027 earnings, respectively. JPMorgan cited BAT's improving position in US nicotine pouches and vaping products as a driver of its investment outlook. BAT reported a 220% constant-currency increase in US modern oral nicotine revenue in the first half of 2026, while PMI's ZYN US shipments returned to growth in the third quarter. Imperial expects NGPs to represent 4% to 5% of sales and has expanded its oral portfolio through acquisitions.

British American Tobacco has appointed former Apple Senior Vice President, General Counsel and Secretary Bruce Sewell as an independent non-executive director, effective January 1, 2027. He will also join BAT's Audit and Nominations Committees. BAT Chair Luc Jobin highlighted Sewell's experience in technology, government and regulatory affairs, public-company governance and AI-company boards. Over the past 18 months, BAT has changed or announced changes to its CFO, general counsel, CMO and APMEA regional leadership, while the main board has also seen multiple changes. The appointment comes as BAT advances Horizon 2030 and its Fit2Win transformation while expanding New Categories and reshaping parts of its digital, technology and operating structure.

Spain's cigarette volumes declined 5.2% year over year in August 2026, according to government data cited by UBS and reported by Investing.com on October 7. British American Tobacco's volumes fell 14.5%, followed by Imperial Brands at 8.8%, Philip Morris International at 6.6% and Japan Tobacco at 4.6%. JTI was the only one of the four companies to gain cigarette market share, rising six basis points to 26.7%. In France, official customs data showed an unadjusted 3.7% decline in cigarette deliveries. Adjusting for the difference in delivery days produces a decline of approximately 8.3%, consistent with the UBS figure. The bank also estimated the earnings exposure of major tobacco companies to both markets.

Reynolds American, a BAT subsidiary, showcased four Vuse Pro flavored e-cigarette pods and its VELO nicotine pouch portfolio at NACS Show 2026. Booth staff confirmed to 2Firsts that the Vuse Pro flavors are sold in the U.S., although they have not received FDA marketing authorization. BAT outlined plans to expand Vuse retail distribution and reported that VELO held a 30.5% year-to-date volume share of the U.S. modern oral nicotine category through August 2026. The booth also featured the newly launched VELO MAX range and merchandising displays combining cigarettes, vaping products and oral nicotine brands.

FT: British American Tobacco CEO Tadeu Marroco backs UK e-cigarette tax plan to reduce youth smoking rates.

British American Tobacco Japan lowers prices of glo hyper X2 heated tobacco devices, reducing retail price from 1980 to 980 yen.

Australian government enlists social media influencers to combat e-cigarette misinformation, targeting youth aged 14-20, in new campaign.

Santa Cruz Police Department receives over $250,000 to combat illegal tobacco and e-cigarette sales to minors in California.