Deutsche Bank has reiterated its "sell" rating on Haleon, warning that the consumer health group faces persistent pressure on growth even as it heads into the cold and flu season.
The broker kept a 320p price target on the FTSE 100 company, whose brands include Sensodyne and Panadol, against a last close of 342.8p.
Analyst Tom Sykes made small changes to his forecasts ahead of Haleon's third-quarter trading update on 29 October.
He models organic sales growth of 2.9% for the quarter, down from 3.1% in the second, with North America slowing to 2.5%.
While the US business gets a full quarter's benefit from a shelf reset at Walmart, Sykes said that gain was being offset by weaker sell-in to Amazon and Walmart.com, along with an ongoing shift between sales channels.
He noted that sales gains at Walmart had faded, with two-year growth stuck in a narrow band for eight months, suggesting the reset was delivering limited benefit.
Mobility data points to a supportive, if low-growth, cold and flu season.
But the analyst argued that relying on seasonal upside each year, while channel shift erodes growth, points to a continued de-rating.
He added that favourable currency effects were now reversing, reducing scope for gross margin gains.
