Healius (ASX:HLS) set out "ambitious" yet "reasonable" prospects for the coming years, but its upbeat outlook on fiscal 2027 earnings margins requires further evidence, Jarden Research said in a Friday note.

During its investor day on Thursday, the healthcare company outlined a pathway to "high single-digit" earnings before interest and taxes margins by FY2027, which Jarden Research described as an "ambitious plan" given the 0.6% print in the first half of FY2025.

"The rationale behind the margin improvement seems reasonable, especially in light of the numerous transformational/cost out programs apparently about to bear fruit and, in particular, the margins achieved by domestic peers," Jarden Research said.

However, the corporate finance and markets firm noted that it needs further evidence the programs can deliver. Those projects include boosting the referrer value proposition, better collection center productivity and utilization, improving call center experience, and maximizing equipment life.

Jarden Research forecasts an EBIT margin of only 4% in FY2027. EBIT margins are projected to keep improving through FY29 to achieve a print of 6%.

Jarden Research maintained Healius' underweight rating while raising its price target to AU$1.35 from AU$1.18.