OLLI Downgrade [Neutral/$70 PT], Ag Products Q2 Preview [BG, DAR, ADM], LEVI Preview, COST June Sales, EL, COTY, SJM, Grocery Pricing: US Consumer Sector Specialist Commentary

研报英文原文证据摘录

OLLI Downgrade [Neutral/$70 PT], Ag Products Q2 Preview [BG, DAR, ADM], LEVI Preview, COST June Sales, EL, COTY, SJM, Grocery Pricing: US Consumer Sector Specialist Commentary

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A Nbriggs.barton@jpmorgan.com

J.P. Morgan Securities LLC 08 July 2026

OLLI Downgrade [Neutral/$70 PT], Ag Products Q2 Preview [BG,

DAR, ADM], LEVI Preview, COST June Sales, EL, COTY, SJM,

Grocery Pricing

Briggs Barton

+1 212 622 2677

briggs.barton@jpmorgan.com

MORNING UPDATE

Markets selling off following U.S./Iran trading jabs and Trump mentioning the ceasefire is over [while also

mentioning negotiators can continue to talk…], oil 5-6% higher >$80, yields up, expect weakness across the board

in Consumer with Defensives/Staples > Discretionary/Cyclicals today on a relative basis. While the path is non-linear and

headline episodes like this continue to pop up, the direction of travel continues to be for a negotiated solution vs protracted

conflict…

• Matt Boss downgrades OLLI to Neutral with his PT cut in ~half to $70 on a decent cut to his topline/EPS ests [~10%

below for FY27] and calling out 2 structural concerns that raise fwd risk. The stock has been a popular short and while

valuation has tempted some, we think sentiment remains more muted/negative. - LMK if you want to chat feedback.

• Tom Palmer also previews the Ag Products setup [BG, DAR, ADM] where he sees upside to Q2 + annual outlooks for

all three names.

• LEVI after the close today and it is expected to be good [buyside looking for a beat/raise and the current guide looks

conservative] – M. Boss previewed the setup, raising numbers [outlined below] and calling out the viral World Cup

marketing campaign + incremental upside.