Haleon downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Haleon (HLN) to Equal Weight from Overweight with a price target of 380 GBp, down from 430 GBp. The U.S. represents 34% of the company’s sales and is seeing slower category growth and destocking, the analyst tells investors in a research note. The firm says Haleon has overweight exposure to declining U.S. drug stores. The company cut its 2025 outlook but there remains short-term risks, contends Barclays. It moves to the sidelines pending a plan from Haleon’s new U.S. head.