Imperial Brands assumed with a Buy at Jefferies

Jefferies assumed coverage of Imperial Brands (IMBBY) with a Buy rating and 3,600 GBp price target The firm assumed coverage of global tobacco with a positive view. Within staples, Jefferies’ favored sectors are tobacco, beer and consumer health. It estimates global nicotine will post low-single-digit growth from combustibles and next generation products. The analyst’s top pick is British American.