Strong Prime Day Sales Provide A Boost, But Probably Not A Big Surprise

Research evidence excerpt

Strong Prime Day Sales Provide A Boost, But Probably Not A Big Surprise

Food: Food Producers

BellRing Brands

TD SECURITIES (USA) LLC COMPANY UPDATE

June 24, 2026

Price: $11.27 (06/23/2026) Strong Prime Day Sales Provide A Boost, But

Price Target: $11.00 Probably Not A Big Surprise

HOLD (2)

ESG SCORE: 60/100

Robert Moskow THE TD COWEN INSIGHT

646 562 1474

BellRing's stock is up >30% since the beginning of last week, and we've received a curiously

robert.moskow@tdsecurities.com

high number of incoming calls on the name over that time period. Retail consumption

Jacob Henry, CFA trends appear on track but a strong Amazon Prime Day could be driving investor optimism.

646 562 1380 We remain cautious on the stock as visibility at key customers remains low, and we think

jacob.henry@tdsecurities.com

competitive intensity has yet to peak.

Sergio Matsumoto

646 562 1339 Quarter-To-Date Trends Appear On Track

sergio.matsumoto@tdsecurities.com

The company's Circana data indicates total BellRing growth of 4% and Premier shake

Victor Ma growth of 3% QTD through the first week of June, compared to guidance for total sales

646 562 1306

-1% (and consumption roughly in-line with shipments). However, as previously discussed,

victor.ma2@tdsecurities.com

consumption trends are expected to decelerate in June as they lap club promotions that are

Seamus Cassidy either nonrecurring or happened earlier in the quarter (see table on page 3 for details). This

646 562 1319 tough comparison is partially offset by Amazon Prime Day that is happening in late June this

seamus.cassidy@tdsecurities.com year versus early July last year.

Key Data

According to Numerator, Premier Protein was the top-selling item by units after day one of

Symbol NYSE: BRBR

Prime Day.