Halma price target raised to 2,425 GBp from 2,350 GBp at Barclays

Barclays analyst Jonathan Hurn raised the firm’s price target on Halma to 2,425 GBp from 2,350 GBp and keeps an Equal Weight rating on the shares. Following second half of 2023, the firm made small forecast changes, increasing FY24 EBITA +2% to reflect recent M&A but leaving PBT broadly unchanged despite the increased interest charge. Importantly, Barclays sees a recovery in Group EBITA margin to 21.5% in FY24, +110bp year-over-year and modestly above the 10-year average.