JP Morgan retains 'underweight' on GSK with £17 price target as earnings upgrade potential seen as limited

Bank sits 5-10% below consensus on core earnings from 2027, citing need for pipeline success and new launch execution JP Morgan has retained its underweight rating on GSK PLC (LSE:GSK, NYSE:GSK) with a June 2027 price target of £17, arguing that near-term earnings upgrade potential is limited and that the pharmaceutical group's longer-term outlook remains contingent on pipeline success and the execution of new product launches. Analyst Zain Ebrahim made modest forecast changes following GSK's first-quarter 2026 results, including foreign exchange-related adjustments of 0% to 1% to sales forecasts across 2026 to 2031 and upgrades of 1% to 2% to core operating profit estimates.