GSK: Stifel still on hold

(CercleFinance.com) - Stifel maintains its 'hold' rating on GSK shares with an unchanged target price of 1640 pence, believing that the outlook to 2030 remains 'too average'.


Yesterday, GSK published its FY 2024 results, slightly ahead of expectations, despite a disappointing performance in the Vaccines division in the final quarter.

GSK also presented an encouraging initial forecast for 2025, despite known headwinds, notably in Vaccines, healthcare reforms and an increase in the tax rate.

An unexpected £2bn share buyback program supported adjusted EPS, while the long-term outlook for 2031 was also raised.

Stifel believes that the market has been 'too harsh' on GSK (hence yesterday's reaction), but that the company should continue to post 'decent' growth in the coming years, while renewing its portfolio, now focused on oncology and immunology.


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