Morgan Stanley initiated coverage of Haleon ADRs with an Overweight rating and $9 price target. The analyst says the company offers an attractive investment proposition at current valuation levels. As the only pure-play consumer health business in European staples, Haleon offers access to leading brands in attractive categories, making it well placed to deliver sustainable mid-single-digit growth while modestly expanding margins from fiscal 2024 onwards, the analyst tells investors in a research note.
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