JamesBrey British American Tobacco (NYSE:BTI) carries a lot of appeal for many income-focused investors due to its defensive business model, sky-high dividend yield that's well covered by earnings, and what appears to be an attractive valuation. However, I remain on the sidelines with this stock because I believe it faces serious long-term headwinds that could keep it from delivering attractive returns and eventually may even threaten its dividend. The Bull Case For BTI Stock First of all, there's certainly ...