Imperial Tobacco may become a take-over target, Citi says

It also enjoyed rapidly growing dividends and its shares were trading on a low price-to-earings multiple, analyst Adam Spielman said.

That low EM-risk also meant its earnings were "much less at risk" than at other large-cap consumer staples.

The cigarette manufacturer also had cost savings with which to plug any "operating gaps" and the broker was confident it could continue to grow its dividends at a 10% clip.

Imperial´s underlying business in the US, in particular, was also improving.

"There's a material chance it will be bid for [...] the more BAT believes EM exposure is no longer an advantage, the more likely it is to bid," Spielman added in a research report sent to clients entitled "A Buy for Uncertain Times".