Deutsche Bank lowered its price target on Haleon to 325p from 350p and moved the stock to a Sell recommendation, with the shares last quoted at 340p.
Analyst Tom Sykes says Haleon, the consumer‑healthcare group behind brands such as Sensodyne and Centrum, must materially lift its cadence of innovation and shift focus toward acquisitions rather than buybacks to address what he sees as structural category pressure and rising competitive intensity.
He warns the share gains Haleon is taking on Amazon in US Nielsen data are likely being won at considerable advertising and promotion cost and highlights a striking data point that searches for Grüns (indexed as "Gruns" in search), recently acquired by Unilever, are now as high as searches for "Centrum", noting Grüns was only set up in 2023 and already generates annual revenue roughly twice the volume Haleon says it has added organically in VMS over the same period.
He adds that the next proof points for his call will be any acceleration in M&A activity or clear evidence that Amazon‑driven share gains are converting into sustainable, profitable category strength rather than being bought through higher A&P.
