Broker snap: Nomura ups numbers for BATS

16th Aug 2011 12:40

Nomura has raised its estimates for cigarette giant British American Tobacco, as a result of a strong first half performance and a positive second half pricing outlook.The broker has increased its 2011 earnings per share forecast by 2.1% to 197.2p, and upped its target price from 2,950p to 3,020p."Estimate increases are driven by encouraging first half organic performance (even ex Japan) and a positive pricing outlook going into the second half supported by additional price increases in Russia and Brazil, premiumisation and increased volumes in Japan," analysts said.A buy rating is maintained.Shares rose 0.38% to 2,740.5p at 12.36pm.BC