Goldman Sachs has upgraded Japan Tobacco's stock rating from Neutral to Buy, raising the price target to JPY5,000, citing strong growth prospects with a projected 4.5% CAGR in adjusted operating profit and 6.1% in net profits through 2025. Despite a recent share price decline, the firm sees potential for increased shareholder returns, supported by improved free cash flow and a consistent dividend yield of 3.25%. Meanwhile, JPMorgan has initiated coverage with a Neutral rating and a price target of JPY4,500, highlighting the company's investments in reduced-risk products while maintaining its traditional cigarette business.