Halma upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Halma (HLMAF) to Neutral from Underweight with a price target of 2,600 GBp, up from 2,350 GBp. The firm believes the European capital goods sector in 2025 will continue to demonstrate its shift towards quality from cyclical and that the structural supports to demand are real. However, the cycle matters and recent geopolitical events have heightened the level of macro uncertainty, the analyst tells investors in a research note. JPMorgan adjusted ratings as part of its 2025 outlook.