Barclays raised the firm’s price target on British American Tobacco (BTI) to 4,100 GBp from 3,750 GBp and keeps an Overweight rating on the shares. The firm expects global nicotine pouches to hit $100B in retail sales in 2035, up from $8B in 2024. It prefers Philip Morris (PM), followed by British American Tobacco. Barclays cites the accelerating U.S. nicotine pouch industry for the target increase.
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