Imperial Brands falls as Jefferies cuts rating to 'hold'
Mon 13:49
BUZZ-Imperial Brands falls as Jefferies cuts rating to 'hold' ** Shares of Imperial Brands IMB.L down 2.6% at 2,802p
** Jefferies downgrades stock to "hold" from "buy" and cuts target price to 2,700p from 3,500p
** "History suggests legal cigarette volume declines materially accelerate in such circumstances as the illicit trade grows, driving us to lower our Europe ests. We detect a risk that F27 guidance could come below street ests, and see lower re-rating potential" - Jefferies
** 9 of the 15 analysts covering the stock have a "buy" or higher rating and 6 "hold" ; median PT is 3,275p - LSEG data
** YTD, stock has fallen 10%
(Reporting by Tuhina in Bengaluru)
(((( tuhina@thomsonreuters.com ))))