RBC Tweaks British American Tobacco Forecasts; Underperform Retained

09:05 AM EDT, 09/11/2026 (MT Newswires) -- RBC Capital Markets made changes to its forecasts for British American Tobacco (BATS.L, BTI.JO) amid a model update following its first-half results. "Our FY26e operating profit growth estimate of +4.3% is consistent with management's guidance for the lower end of the +4-6% range, as we expect adverse category margin mix to remain a drag to the group's profitability," the research firm said Friday. "We continue to see downside risk to the Group's profitability over the mid-term." As such, analysts "refined" their revenue, adjusted EBIT and adjusted EPS projections over the 2026 to 2028 period. The underperform rating on the stock and price target of 38 pounds sterling were maintained.