Imperial Brands stock trades at GBp 2,463 as Barclays cuts target

Published on 09/28/2026 at 16:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Morningstar raised its fair value to GBp 3,400 from GBp 3,300 on September 21, 2026. H1 2026 adjusted EPS rose 5.3 percent to GBp 127.70.

Imperial Brands PLC GB0004544929: Konzernzentrale in Bristol mit Glasfassade — Imperial Brands PLC (GB0004544929) zeigt moderne Konzernzentrale in Bristol mit Glasfassade und weiter Plaza, Illustration mit AI erstellt.

Imperial Brands stock (ISIN GB0004544929) was trading at GBp 2,463.00 on the LSE on September 28, 2026 at 3:17 p.m. BST, up 0.86 percent from the prior close of GBp 2,442.00. The immediate issue for shareholders is valuation: Barclays cut its target from GBp 3,650 to GBp 3,400, while another major research view moved in the opposite direction.

Barclays trims its target

As Yahoo Finance reported on September 16, 2026, Barclays retained an Overweight stance but lowered its Imperial Brands target to GBp 3,400 from GBp 3,650. The revised target stands 38.03 percent above the September 28 trading price, leaving the debate centered on whether income and buybacks can offset tobacco volume pressure.

Morningstar raised its fair value to GBp 3,400 from GBp 3,300 on September 21, 2026. It also reported a 20 percent year-to-date decline and identified share losses in key markets and higher next-generation product operating losses as central risks.

H1 earnings support the case

Imperial Brands' H1 2026 results showed currency-adjusted net revenue from tobacco and next-generation products up 1.8 percent, while adjusted EPS increased 5.3 percent to GBp 127.70, according to Parqet. Adjusted operating profit rose 0.6 percent on a currency-adjusted basis, and 12-month free cash flow reached GBP 2.6 billion.

Management reaffirmed full-year guidance for adjusted operating profit growth of 3 to 5 percent and expects earnings improvement in the second half of fiscal 2026. The same update put next-generation product growth at 7.5 percent and the 2026 buyback program at GBP 1.45 billion, giving capital returns a measurable role in the valuation discussion.

Stock stays near its yearly low

The LSE quote was 1.19 percent above the 52-week low of GBp 2,434.00 and 32.20 percent below the 52-week high of GBp 3,632.04 on September 28, 2026. Volume stood at 324,140 shares, while market capitalization was GBP 18.8 billion.

Imperial Brands remains a cash-return and execution story rather than a pure volume-growth story. Investing.com reported on September 9, 2026 that management was targeting annual cash flow of at least GBP 2.2 billion and GBP 320 million of Strategy 2030 savings. For investors, the next full-year results in October will test whether second-half earnings can validate that framework.