JPMorgan cuts target for Haleon stock to GBp 295.00

Published on 10/06/2026 at 14:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

JPMorgan kept Underweight as Haleon's growth guidance stays at 3.00-5.00 percent. Haleon stock costs EUR 3.96 on October 6, 2026 after EUR 3.93.

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JPMorgan cut its price target for Haleon stock (ISIN GB00BMX86B70) from GBp 315.00 to GBp 295.00 on September 28, 2026, while keeping an Underweight rating. The bank also placed the consumer health company on Negative Catalyst Watch ahead of its October 29 results, according to Markets Insider.

JPMorgan sees growth at the floor

The bank expects Haleon's third-quarter 2026 like-for-like sales growth at 3.00 percent, the bottom of the company's 3.00-5.00 percent 2026 organic revenue growth guidance. JPMorgan said that outcome would make Haleon's medium-term 4.00-6.00 percent growth algorithm increasingly difficult to sustain, according to the September 28, 2026 note reported by Markets Insider.

The target reduction of GBp 20.00 represents a 6.35 percent cut from GBp 315.00. The message is specific: the next report must show acceleration beyond the lower end of the current range to challenge the cautious earnings view.

First-half numbers offer a counterpoint

Haleon generated GBP 5.6 billion of revenue in the first half of 2026, up 2.20 percent on a reported basis and 2.60 percent organically. Adjusted operating profit rose 8.20 percent to GBP 1.4 billion, while adjusted operating margin reached 24.30 percent, according to Open Book Analytics.

The operating figures complicate the bearish thesis. Revenue growth was modest, but the 8.20 percent increase in adjusted operating profit and the 24.30 percent margin show stronger profit conversion in the first half of 2026.

October 29 sets the next test

Haleon lists its Q3 2026 Trading Statement for October 29, 2026 on its investor-relations page. The company continues to frame its medium-term model around 4.00-6.00 percent annual organic revenue growth and high-single-digit adjusted operating profit growth at constant currency, according to Haleon.

Haleon was trading at EUR 3.96 at Lang & Schwarz on October 6, 2026 at 2:03 p.m. CEST, up 0.76 percent versus the prior close of EUR 3.93 on October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of Haleon stock.