Scandinavian Tobacco downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Gaurav Jain downgraded Scandinavian Tobacco Group to Underweight from Equal Weight with a price target of DKK 100, down from DKK 125. The company’s fiscal 2023 organic growth prospects look weak amid general softness in the U.S. tobacco market and consumer downtrading, Jain tells investors in a research note. The analyst believes Scandinavian Tobacco could also see margin pressures from supply chain issues and wage inflation.