Imperial Brands falls as Jefferies cuts rating to 'hold'

** Shares of Imperial Brands IMB.L down 2.6% at 2,802p

** Jefferies downgrades stock to "hold" from "buy" and cuts target price to 2,700p from 3,500p

** "History suggests legal cigarette volume declines materially accelerate in such circumstances as the illicit trade grows, driving us to lower our Europe ests. We detect a risk that F27 guidance could come below street ests, and see lower re-rating potential" - Jefferies

** 9 of the 15 analysts covering the stock have a "buy" or higher rating and 6 "hold" ; median PT is 3,275p - LSEG data

** YTD, stock has fallen 10%