British American Tobacco downgraded to Hold amid falling sales and limited growth prospects

British American Tobacco (BTI) has been downgraded from Buy to Hold due to ongoing declines in revenue and volume across all major markets. Traditional tobacco products continue to face pressure, with only modern oral products like the Velo brand showing growth, which is insufficient to offset overall losses. While cost-cutting and regulatory factors provide some support, concerns remain about the company's valuation and long-term sustainability. Investors should be cautious as the company's fundamentals weaken and upside potential diminishes.