Deep-Dive Into U.S. Results Suggests Long Path To Recovery; Lowering FY27E EPS

研报英文原文证据摘录

Deep-Dive Into U.S. Results Suggests Long Path To Recovery; Lowering FY27E EPS

Household & Personal Care

Procter & Gamble

TD SECURITIES (USA) LLC COMPANY UPDATE

June 30, 2026

Price: $148.45 (06/29/2026) Deep-Dive Into U.S. Results Suggests Long

Price Target: $150.00 Path To Recovery; Lowering FY27E EPS

HOLD (2)

Robert Moskow THE TD COWEN INSIGHT

646 562 1474

Our deep-dive analysis into the company's U.S. categories indicates a rather slow start to the

robert.moskow@tdsecurities.com

company's U.S. turnaround with deeper market share losses in 2026 than 2025. We view this

Victor Ma metric as more important to the stock's multiple than their cost profile. We expect valuation to

646 562 1306 remain range-bound until share losses reverse, even if oil inflation from the Iran War continues

victor.ma2@tdsecurities.com

to recede.

Seamus Cassidy

646 562 1319 Facing Multiple Challenges All At Once.

seamus.cassidy@tdsecurities.com

Our January downgrade to Hold reflected the challenge of reversing share losses across

Jacob Henry, CFA multiple categories at the same time in the U.S. (50% of sales). Since then, our tracking data

646 562 1380

indicates that retail value share declined another 30 bps to 42.4% YTD with share declines

jacob.henry@tdsecurities.com

increasing to 35 out of 49 product categories we measured.

Sergio Matsumoto

Primary drivers of the share losses include 1) commodity Paper Products to private label; 2)646 562 1339

sergio.matsumoto@tdsecurities.com Hair Care to dermatologically positioned brands like CeraVe and Nizoral; 3) Skin Care, where

Olay has struggled to stay relevant versus insurgent premium brands like grace & stella using

Key Data

social influencers to win attention; and 4) Baby Care, where Zuru has gained share in training

Symbol NYSE: PG