Electronic cigarettes could hit BAT and Imperial Tobacco harder than expected, say analysts
Let us not hide from the stark facts, because that is exactly what they have done today. If todays vote had truly been about public health then MEPs would have voted to ban tobacco cigarettes. If policy makers are unwilling to ban tobacco cigarettes then they have a moral obligation to ensure that any regulatory regime they introduce to regulate e-cigarettes, a recognised safer alternative to tobacco cigarettes, continues to allow them to be sold freely and in a way that is attractive to existing tobacco cigarette smokers. Today MEPs shirked their moral responsibility. Those MEPs that have failed their constituents by supporting fallaciously misrepresented facts, knowingly purveyed to drive through this obvious ends driven regulation, must now take full accountability for their actions. The question must be asked: Why do policy makers want to intervene to prevent or obstruct a smoker having access to products that could potentially save his or her life?
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Electronic cigarettes available to Putnam inmates
Winners and losers will emerge, but are hard to predict at this relatively early stage in e-cigarettes’ development, and there will be margin pressure in the short term across the board as companies race for share. This new uncertainty, and the faster long-term decline of tobacco which we predict, should cause investors to reassess their holdings in the sector. Our modelling suggests that tobacco companies will need to win a greater share of e-cigarettes than they have in tobacco to preserve short-term margins: e-cigarette margins will be lower in the early years. The volume decline in the UK tobacco market, for example, could accelerate to as much as 10% compound annual growth rate. It appears to us that BAT is currently more advanced in its e-cigarette thinking than Imperial Tobacco. We are downgrading BAT from hold to sell (price target from 3225p to 3000p), and Imperial Tobacco from buy to hold (price target from 2900p to 2450p).
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If you have ever been a smoker, its like any other thing that you are addicted to, you crave it, Andrews said. When you come in jail, you dont smoke anymore. Basically what I think it has done for us is cut down on irritability with the inmates. Less irritability among inmates has an impact on everything from the number of incidents that corrections officers have to deal with to medical bills for the facility. Some people would argue that were encouraging them to smoke. No.
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