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Berenberg slightly lowers target price on Haleon
(Sharecast News) - Analysts at Berenberg slightly lowered their target price on consumer health business Haleon from 517p to 510p on Thursday, stating that 2026 should represent "a turning point" in the group's evolution into a consumer-centric business. Berenberg believes this will unlock a reacceleration of like-for-like earnings growth to 5.5%, ahead of consensus estimates of 4.6%, deliver 60 basis points of adjusted underlying earnings margin expansion and return roughly £1.4bn of cash to shareholders via dividends and buybacks.
"We view risk as tilted to the upside from potential Rx-to-OTC switches and cost savings coming through faster and stronger than expected," said Berenberg, which has a 'buy' rating on the stock. "Haleon's 12-month forward P/E of 19.9x is undemanding for the medium-term growth and cash returns on offer."
The German bank said the downgrades to its FY25-27 earnings per share estimates and price target were mainly driven by refreshed FX expectations.
Reporting by Iain Gilbert at Sharecast.com
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