Haleon PLC (LSE:HLN, NYSE:HLN) first half/second quarter results on 1 August should be the last of ‘noise and volatility’ this year, suggests broker Jefferies.
From here on, it should be a normalised base of sales says the US bank, which expects volumes and product mix to underline it can be a 4-6% organic growth business.
Second quarter underlying volume is likely to be more than 3%, it adds and is a buyer with a 385p target.
Deutsche Bank has a lower target of 340p for the Sensodyne maker, which was recently reduced down from 345p, and a hold rating based on its current rating relative to the sector.
“If we apply the Colgate forward 12m PE to Oral Care the remainder is on 14x 12-month earnings, which would be too low if cold & flu is strong.
“We see a re-rating as centred on this currently.”
Shares are trading at 334p.