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- Citi group has initiated coverage on GSK plc's (NYSE:GSK) consumer healthcare spin-off Haleon Plc (NYSE:HLN) with a Buy rating and a price target of 360p.
- "We see the company as the best vehicle to play the secular attractions of Consumer Health, facilitated by Haleon's scale and its exposure to staples segments where it can more easily outperform," the analysts write.
- Related: GSK Completes Spin-Off Of Its Consumer Healthcare Business.
- Coupled with strategic optionality offering a floor to valuation, we believe the stock offers the best of both worlds: Consumer Health "defendability" and staples ability to outgrow, says Citi analysts.
- Citi sees Haleon as a Consumer Health vehicle built for scale in OTC (pain, respiratory, digestive) and "staples" categories, Vitamins, and oral care.
- Analysts believe 84% of revenues have a high level of barriers to entry, rewarding such scale to benefit from secular growth drivers.
- Citi says Haleon's cost structure suggests the group is well invested with no over-earning.
- Price Action: HLN shares are down 1.39% at $7.45 during the market session on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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