BAT's set-up currently is appealing, suggests the analysts at Jefferies, and there is a lot of upside potential at the cigarette group, reckons the US Bank. In particular, BAT’s non-US businesses are often overlooked but are growing handily and should be supported by a recovery in US industry volumes in both cigs and vape. Ex-US organic sales and underlying profit grew by 9% and 8.5% respectively in 2023, with growth of 6.5% and 6.3% forecast by the bank for this year. In the US, PMTA approval of BAT's toba ...