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European equities traded in the US as American depositary receipts were trending modestly lower late Tuesday morning, declining 0.16% to 1,445.76 on the S&P Europe Select ADR Index.
From continental Europe, the gainers were led by biopharmaceutical company Genfit and pharmaceutical company Ascendis Pharma , which rose 6.8% and 5.7% respectively. They were followed by internet advertising firm Criteo and biotech firm BioNTech , which increased 2.3% and 0.5% respectively.
The decliners from continental Europe were led by furniture maker Natuzzi and medical device maker EDAP TMS , which fell 6.7% and 3.3% respectively. They were followed by biotech firm Evaxion Biotech and biopharmaceutical company DBV Technologies , which lost 2.8% and 1.5% respectively.
From the UK and Ireland, the gainers were led by biopharmaceutical companies Biodexa Pharmaceuticals and Akari Therapeutics , which were up 2% and 3.6% respectively. They were followed by pharmaceutical company Silence Therapeutics and insurance company Prudential , which increased 3.4% and 1.3% respectively.
The decliners from the UK and Ireland were led by biopharmaceutical company NuCana , which tumbled 31.4%, followed by tobacco company British American Tobacco , which was down 2.7%. Pharmaceutical company GSK and medical device maker Smith & Nephew dropped 1.7% and 1.2% respectively.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One stock to keep an eye on is British American Tobacco (BTI). BTI is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 8.01, which compares to its industry's average of 12.17. Over the last 12 months, BTI's Forward P/E has been as high as 8.01 and as low as 5.86, with a median of 6.35.
Investors will also notice that BTI has a PEG ratio of 1.97. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. BTI's PEG compares to its industry's average PEG of 2.46. Over the past 52 weeks, BTI's PEG has been as high as 1.97 and as low as 1.11, with a median of 1.25.
These figures are just a handful of the metrics value investors tend to look at, but they help show that British American Tobacco is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, BTI feels like a great value stock at the moment.
Zacks Investment Research
By Elena Vardon
British American Tobacco named Kingsley Wheaton as its chief corporate officer.
The FTSE 100 tobacco group on Tuesday said Wheaton's role--which is newly created--will oversee the strategy and execution of its sustainable future pillar, a key focus of its refined strategy. His former role as chief strategy and growth officer will cease to exist, it said.
Wheaton will be responsible for establishing broad acceptance of BAT's tobacco harm reduction agenda and interacting with regulators and relevant stakeholders, it said.
The company also promoted Luciano Comin to the chief marketing officer position, from his previous role as marketing director for combustibles and new categories.
"As we embark on the next phases of building a Sustainable Future this is the right time to make these changes," Chief Executive Tadeu Marroco said.
The appointments are effective immediately.
Write to Elena Vardon at elena.vardon@wsj.com
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about British American Tobacco (BTI).
British American Tobacco currently has an average brokerage recommendation (ABR) of 1.93, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by seven brokerage firms. An ABR of 1.93 approximates between Strong Buy and Buy.
Of the seven recommendations that derive the current ABR, three are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 42.9% and 14.3% of all recommendations.
Brokerage Recommendation Trends for BTI
The ABR suggests buying British American Tobacco, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
Although both Zacks Rank and ABR are displayed in a range of 1-5, they are different measures altogether.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is BTI Worth Investing In?
In terms of earnings estimate revisions for British American Tobacco, the Zacks Consensus Estimate for the current year has increased 0.2% over the past month to $4.70.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for British American Tobacco. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Therefore, the Buy-equivalent ABR for British American Tobacco may serve as a useful guide for investors.
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