Panadol maker Haleon PLC (LSE:HLN, NYSE:HLN) delivered a ‘solid first building block’ with an upbeat trading statement a little over a week after its £30bn spin-out from GSK PLC (LSE:GSK, NYSE:GSK).
That at least was the conclusion of US bank Jefferies, which specialises in analysing health and drug stocks.
It is tweaking higher by both its earnings per share and earnings before tax estimates in wake of the update.
It retains its ‘hold’ recommendation on Haleon, which it reckons is worth a 340p share, up from 330p.
Down 7% since listing in London and New York, the stock is currently changing hands for 287p each.
“[Haleon’s] premiere trading update delivered a good set of numbers but more importantly, a solid first building block as the new management team sets out to build a track record of delivering on their guidance,” said Jefferies in a note to clients.