Jefferies cuts Imperial Brands target to GBp 2,700 for Imperial Brands stock

Published on 10/25/2026 at 12:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jefferies cut its target from GBp 3,500 to GBp 2,700 on October 19, 2026. Full-year results for Imperial Brands stock are due November 17, 2026.

Targets and reporting date

Jefferies set a GBp 2,700 target on October 19, 2026.
Imperial Brands announced a GBP 1.5 billion buyback on October 8, 2026.
Imperial Brands stock was last at EUR 34.27 on October 23, 2026.

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Imperial Brands stock is the subject of a lower Jefferies target at GBp 2,700, down from GBp 3,500, in a recommendation dated October 19, 2026, published by Morningstar. Jefferies also cut its rating from Buy to Hold, putting the upcoming annual results under sharper scrutiny.

The latest target cut

The recommendation came after Imperial Brands had confirmed its fiscal 2026 outlook. In its October 8, 2026 trading update, Imperial Brands said adjusted operating profit growth should remain within 3.00 to 5.00 percent, while adjusted earnings per share was expected to rise at a high-single-digit rate.

The same update projected more than GBP 2.2 billion of fiscal 2026 free cash flow and low-single-digit tobacco net revenue growth. Next-generation products were expected to deliver double-digit net revenue growth, although group tobacco volumes were projected to decline at a low-single-digit rate.

What does the buyback mean?

Capital returns remain a central part of the investment case. Imperial Brands announced a GBP 1.5 billion buyback for fiscal 2027 on October 8, 2026, after completing a GBP 1.45 billion program for fiscal 2026, according to the company release.

The chronology is clear: on October 8, 2026, the company announced the GBP 1.5 billion buyback; on October 13, 2026, Morningstar maintained a GBP 34.00 fair value estimate; and on October 19, 2026, Jefferies cut its target to GBp 2,700.

What dates matter next?

The next scheduled company event is the full-year results announcement on November 17, 2026, as stated in the investor calendar. Those results will show whether the back-half improvement implied by the fiscal 2026 guidance translated into reported cash flow and profit growth.

Stock context after the target cut

Imperial Brands was last at EUR 34.27, the Xetra closing price of October 23, 2026. On the London Stock Exchange, the stock's 52-week range was GBp 2,408.00 to GBp 3,341.00, while market capitalization stood at GBP 21.6 billion on October 23, 2026.

The further course of trading is shown by the continuously updated real-time quote of Imperial Brands stock.