Halma (LON: HLMA) shares rose more than 1% Friday after analysts at JPMorgan upgraded the stock to Neutral from Underweight, raising their target for the stock to 2,600p from 2,350p a share.
The investment bank said in a note that the upgrade follows “a good set of H1 ’25 results.”
The bank explained that it was previously more cautious about the company’s ability to keep driving high single-digit percent organic growth due to the weaknesses in some important end markets.
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They added that its lofty valuation left a high bar to beat.
Nevertheless, JPMorgan believes the business has “proven its quality.” They explain that this is based on strong execution on mergers and acquisitions, as well as its orders pointing to a solid outlook and a strong margin performance in the first half.
They now believe the company is well-placed to deliver on expectations.
Halma shares have performed solidly this year, gaining over 21% in 2024. Over the last 12 months, the stock is up more than 27%, currently trading around the 2,783p a share mark.
Elsewhere on Friday, Berenberg lifted its price target for Halma to 2,700p from 2,450p, keeping a Hold rating on the stock.
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