U.S. HPC - The Bar & Debates Into Earnings Expect Slightly Better Tone as Commodities Pressures Alleviate Somewhat, and Top Line Is Still Soft

研报英文原文证据摘录

U.S. HPC - The Bar & Debates Into Earnings Expect Slightly Better Tone as Commodities Pressures Alleviate Somewhat, and Top Line Is Still Soft

J P M O R G A N North America Equity Research

16 July 2026

U.S. HPC - The Bar & Debates Into

Earnings

Expect Slightly Better Tone as Commodities Pressures

Alleviate Somewhat, and Top Line Is Still Soft

We are previewing 13 Household & Personal Care stocks within our coverage Beverage, Household & Personal

universe of 15 in this space (we remain restricted on KMB and KVUE due to the Care Products

JPMorgan involvement in the merger). While we expect another lackluster quarter, Andrea Teixeira, CFA AC

there are some green-shoots including (1) sequentially better consumption in tracked (1-212) 622-6735

channel data, partially due to easier comparisons but also the wealth effect, (2) better andrea.f.teixeira@jpmorgan.com

than feared commodities pressure, and (3) better visibility (albeit still in the works) of Shovana Chowdhury

the tariff refunds. With that said, the HPC ecosystem continues to trade mostly on (1-212) 270-2184

risk-on or risk-off momentum, and this volatility makes the sector less desirable (not shovana.chowdhury@jpmorgan.com

as defensive as investors hope for or not behaving like how staples stocks should) Drew Levine, CFA

(1-212) 622-0374

leading investors to focus on beverage names instead. drew.levine@jpmorgan.com

• Stocks Likely to Positively Surprise: J.P. Morgan Securities LLC

• SharkNinja (SN, Overweight-Rated, Analyst Focus List Growth)

- our channel checks and tracked channel data indicate strong

consumption and innovation pipeline. SN also benefits from easy

comparisons into 2H with key customers (in particular Walmart).

• Newell Brands (NWL, Overweight-Rated) - the earlier Amazon