JPMorgan cuts target for Haleon stock from GBp 315 to GBp 295

Published on 10/05/2026 at 13:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Haleon's first-half 2026 revenue rose 2.20 percent to GBP 5.60 billion. Haleon stock costs EUR 3.96 on October 5, 2026 after EUR 3.91.

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Haleon (ISIN GB00BMX86B70) was trading at EUR 3.96 at Lang & Schwarz on October 5, 2026 at 1:37 p.m. CEST, plus 1.28 percent versus the EUR 3.91 prior close. According to Markets Insider on September 28, 2026, JPMorgan lowered its target for Haleon stock from GBp 315 to GBp 295 and kept an Underweight rating.

JPMorgan sees weaker growth

JPMorgan also placed Haleon on Negative Catalyst Watch ahead of the company's October 29, 2026 results, citing third-quarter like-for-like growth of 3.00 percent in its research note. That would place Haleon at the bottom of its 3.00 percent to 5.00 percent full-year guidance range for a second consecutive year, according to Markets Insider.

The assessment challenges Haleon's medium-term algorithm of 4.00 percent to 6.00 percent growth. For investors, the key issue is whether demand pressure in North America forces the company to reset that framework after the October trading update.

First-half margins improved

Haleon's first-half 2026 revenue reached GBP 5,602 million, up 2.20 percent on a reported basis and 2.60 percent organically. The figures, reported for the period ending June 30, 2026, come from Fintel.

Reported operating profit fell 2.60 percent to GBP 1,172 million because of restructuring, while adjusted operating profit rose 8.20 percent to GBP 1,364 million. Adjusted gross margin expanded by 1.40 percentage points to 66.50 percent, and adjusted diluted earnings per share increased 12.00 percent to GBp 10.30 in the first half of 2026, according to Fintel.

October update sets next test

Haleon's investor-relations calendar lists a third-quarter 2026 trading statement for October 29, 2026. The date is published on Haleon's investor page, making the upcoming release the next dated checkpoint for the growth outlook.

Cash generation offers a counterweight to the cautious analyst view. First-half 2026 free cash flow reached GBP 769 million, while Haleon was also pursuing a GBP 500 million share buyback, with GBP 457 million completed by late July 2026, according to Fintel.

Stock trades higher in euros

Haleon stock was trading at EUR 3.96 at Lang & Schwarz on October 5, 2026 at 1:37 p.m. CEST, up 1.28 percent versus the EUR 3.91 prior close dated October 2, 2026. The move remains smaller than the 20 GBp reduction in JPMorgan's target, leaving the October trading statement as the next material test for the company's growth assumptions.

The further course of trading is shown by the continuously updated real-time quote of Haleon stock.