Deutsche Bank reaffirms Buy for BAT stock at GBp 5,100

Published on 10/08/2026 at 11:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BAT stock costs EUR 48.46 on October 8, 2026 after EUR 48.16, plus 0.62 percent. New Category margin target is 30.00 percent by 2030.

Aquarellmalerei der Londoner Skyline mit Bürotürmen und der Themse bei Sonnenuntergang — British American Tobacco plc (GB0002875804) präsentiert Londons Finanzdistrikt als stimmungsvolles Aquarellgemälde bei Sonnenuntergang, Illustration mit AI erstellt.

Deutsche Bank reissued its Buy rating for BAT stock on October 1, 2026 and set a GBp 5,100 price target, according to MarketBeat. BAT's latest strategy update keeps the emphasis on smokeless products, margin expansion and cash generation.

Deutsche Bank keeps its target

The October 1, 2026 note leaves the rating at Buy and places the target at GBp 5,100. The target is stated in pence on the London listing, while the reference price in this article is the euro quotation at Lang & Schwarz.

The analyst view follows BAT's Capital Markets Day on September 29, 2026. In the company announcement carried by Investegate, BAT said fiscal 2026 revenue growth remained guided at 3.00-5.00 percent and adjusted profit from operations growth at 4.00-6.00 percent, both at constant rates.

Smokeless products carry the plan

BAT targets New Category contribution margin of at least 30.00 percent by 2030, while New Category revenue is expected to grow at a mid-teens rate through that year, the September 29 announcement said. The company also aims to reach 50.0 million adult smokeless-product consumers by 2030.

As of June 30, 2026, BAT said 35.0 million adults used its Smokeless brands and those products represented 19.80 percent of Group revenue. The comparison shows the distance to the 2030 consumer goal: 15.0 million additional consumers would be needed if the target is reached from that reported base.

Cash returns remain part of the case

BAT's 2026 framework also calls for adjusted diluted earnings per share growth toward the middle of a 5.00-8.00 percent range and leverage within a 2.00-2.50 times target range by year-end. The company said a foreign-exchange headwind of 2.00-2.50 percent could affect fiscal 2026 adjusted diluted earnings per share growth.

The November dividend is scheduled at 61.26 pence per ordinary share, payable on November 6, 2026, according to TradingView. For investors, the key tension is measurable: BAT is funding a shift toward smokeless products while maintaining a substantial shareholder-return program.

BAT stock trades higher in euros

BAT stock was trading at EUR 48.46 at Lang & Schwarz on October 8, 2026 at 11:33 a.m. CEST, plus 0.62 percent versus the prior close of EUR 48.16 on October 7, 2026. British American Tobacco's primary listing is on the LSE, where its shares are quoted in GBp; the finance quote for its US listing showed a market capitalization of USD 116.3 billion as of October 7, 2026.

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