Haleon downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Rashad Kawan downgraded Haleon (HLN) to Equal Weight from Overweight with a price target of $10.20, down from $10.35. The firm cites valuation for the downgrade. The analyst continues to consider Haleon a core long-term holding owing to its well positioned portfolio in attractive categories. However, after a year of significant outperformance, with shares now trading at a 25% premium to European staples peers, Morgan Stanley awaits a better opportunity to add, the analyst tells investors in a research note.