British American Tobacco stock holds steady as Jefferies reiterates Buy rating

British American Tobacco PLC stock (ISIN GB0002875804) last closed at USD 56.09 on the New York Stock Exchange on September 16, 2026, leaving the shares about 16.8% below a 52-week high of USD 67.30 per data from recent NYSE trading statistics. The stock has seen modest day-to-day moves around the mid-USD 50s, while analysts such as Jefferies have reaffirmed a positive stance in September 2026.

Analysts stick with Buy call

According to finanzen.at on September 18, 2026, Jefferies & Company Inc. has maintained its Buy rating for British American Tobacco and kept the price target at 5,500 pence for the London-listed shares. The commentary from analyst Andrei Andon-Ionita points to expectations of a multi-year uplift in revenue and profit, driven by investments in next-generation products such as e-cigarettes, vapes and nicotine pouches.

The Jefferies target of 5,500 pence implies a substantial upside versus recent London prices quoted around 4,196 pence at the time of the note, corresponding to roughly a 31.1% potential gain if the target is reached, as indicated in the same analysis overview on finanzen.at. The reiteration of the Buy stance without a target cut is notable at a time when European equity markets, including the STOXX 50 and FTSE 100, have shown periods of weakness, as reported in the same news stream.

Share price and market indicators

On the US market, British American Tobacco PLC’s American depositary shares under the NYSE ticker BTI opened at USD 56.17 and closed at USD 56.09 in the latest completed session on September 16, 2026, with an intraday high of USD 56.41 and low of USD 55.71, based on recent NYSE trading data cited by the US portal Dhan. The prior close was also USD 56.09, marking a 0.8% decline from the September 15, 2026 close of USD 56.52, illustrating how the stock has edged lower in mid-September while remaining within a relatively tight trading range.

The same overview from Dhan shows that BTI shares reached a 52-week high of USD 67.30 and a 52-week low of USD 49.88, putting the latest closing level about 16.8% below the high and roughly 12.4% above the low. This range suggests that, while the stock has recovered from its lower levels, it still trades at a discount to the peak of the past year, which may underpin the upside implied by the Jefferies target.

Trading volume has also been robust, with 28,97,922 BTI shares changing hands on September 16, 2026 and 49,22,221 on September 15, 2026, highlighting sustained liquidity for investors as shown in the BTI trading history table on Dhan. Over the last several sessions in early to mid-September, daily moves of between roughly -1.36% and +0.25% have been reported, showing relatively moderate volatility compared with more cyclical sectors.

Recent fundamental trends and profitability

The latest available annual data in the Dhan fundamentals snapshot indicates that British American Tobacco generated revenue of 25,610 (currency in millions as presented by the portal) in fiscal year 2024-25, representing a slight 0.99% decline versus the prior year’s 25,867. However, net profit for 2024-25 surged to 7,764, up more than 153% compared with 3,068 in fiscal year 2023-24 according to the same data set from Dhan. This combination of flat to slightly lower revenue and sharply higher profit suggests that cost efficiencies, mix improvements or lower exceptional charges have played a major role in lifting earnings.

By contrast, the data series highlights that fiscal year 2022-23 saw revenue of 27,283 but a negative net profit figure of -14,367, underlining the impact of significant one-off costs or write-downs in that period. The swing from a deep loss in 2022-23 to a positive net profit in 2023-24 and then a further profit jump in 2024-25, as summarized by Dhan, provides investors with historical context for the current valuation and analyst optimism, even though revenue has not yet returned to the highs recorded in earlier years.

From an investor perspective, the fact that net profit has risen more than 153% in the most recently reported fiscal year, while revenue slipped slightly by 0.99%, may signal that British American Tobacco is managing its margins and resource allocation more efficiently. It also suggests that, if top-line growth resumes in future periods, earnings could scale further from the improved base, assuming that regulatory and competitive pressures in the global tobacco and nicotine market do not intensify dramatically.

Next-generation products and key risks

Jefferies’ commentary, as transmitted via finanzen.at, emphasizes that British American Tobacco’s investments in next-generation products (NGP) are now expected to pay off. These include e-cigarettes, vapes and modern oral nicotine pouches, segments in which BAT has built a portfolio to capture consumers shifting away from traditional combustible cigarettes. The analyst describes the company as being on the verge of a multi-year revenue and profit upswing as NGP gains scale.

At the same time, investors in tobacco stocks remain exposed to classic sector risks such as regulatory tightening, excise tax increases and potential restrictions on marketing or flavors, which can affect both combustible and non-combustible products. Although the latest Jefferies note focuses on the positive angle of NGP investment returns, the historical data from Dhan shows pronounced volatility in net profit between 2022-23 and 2024-25, highlighting how legal settlements or impairments can weigh on earnings in certain years.

For long-term shareholders, the current combination of a Buy rating with a high pence-level target, a share price still well below the 52-week high and a rebound in profitability may be encouraging. Yet the tobacco industry’s structural volume declines in many markets and ongoing health-related litigation and regulation remain important counter-factors, which can influence valuations and capital allocation decisions even when next-generation products grow.

Stock level and investor takeaway

As of the last completed US trading session on September 16, 2026, British American Tobacco PLC’s BTI American depositary shares closed at USD 56.09 on the New York Stock Exchange, within a band that is comfortably above the 52-week low of USD 49.88 but still below the 52-week high of USD 67.30. In London, the underlying shares have recently traded around 4,196 pence, implying notable room to the Jefferies target of 5,500 pence noted on September 18, 2026. For investors, the key question is whether the improving profit trend and the scaling of next-generation products will be enough to close that gap over time in a sector that faces persistent regulatory headwinds.

More news and analyses on British American Tobacco stock