MARKET TALK: Citi Raises British American Tobacco Target

2nd Aug 2010 07:20

0620 GMT [Dow Jones] Citigroup raises British American Tobacco (BATS.LN) target to 2570p from 2460p after its 1H '10 adjusted EPS beats consensus by 3%. Says the company's 1H results are stronger than expected in all regions apart from Eastern Europe. Lifts '10 EPS forecast to 178.4p from 175.4p and '11 to 195.2p from 191.9p. Says the global slowdown has impacted cigarette volumes much more than the market expected but this has been made up for by very large price increases. Notes that British American is seeing signs of improving volumes, especially in Russia. Maintains buy rating. Shares closed Friday at 2194p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires August 02, 2010 02:20 ET (06:20 GMT)