British American Tobacco (BTI) was upgraded to "buy" from "hold" at Argus on Monday morning. The firm has set a price target of $72 on the tobacco company's stock.

The upgrade comes as Argus sees consistent growth, with strong gains in revenue, net income, and adjusted EPS over the last several years. Additionally, the firm expects the company's acquisition of Reynolds American (RAI) to increase its exposure in high growth emerging markets and improve its U.S. presence.

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