Citi starts GSK spinoff Haleon at 'buy'

"We see the company as the best vehicle to play the secular attractions of Consumer Health, facilitated by Haleon’s scale and its exposure to staples segments where it can more easily outperform," it said.

"Citi said its analysis suggests the 4-6% OSG target is achievable, and while Consumer Health specifics can sometimes tempt companies into overearning, the P&L structure is well invested to support a low double-digit total shareholder return.

"Coupled with a strategic optionality offering a floor to valuation, we believe the stock offers the best of both worlds: Consumer Health ‘defendability’ and staples ability to outgrow."

At 1530 BST, the shares were up 2% at 309p.