PEP, LEVI, COST, PLNT, LW, Chase Spending Data: US Consumer Sector Specialist Commentary

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PEP, LEVI, COST, PLNT, LW, Chase Spending Data: 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 09 July 2026

Gold still “strongest” but gap to overall non-foods trends continues to moderate. Mgmt noted that jewelry is starting to

resemble a “normal” department

Majors led by memory price inflation and appliance share gains; TV’s meh. Historically, electronics is deflationary, but

memory price increases in computing and from Apple have turned the category inflationary (negating elasticity concerns and

consistent with BBY’s May inflection to a HSD comp, with this lateral suggesting continued strong June trends). On the

appliances front, COST continues to gain share with plenty of capacity in its Innovel home delivery network and sharp pricing.

Lastly, the TV category remains relatively lackluster, in our view.

PLNT Updated Thoughts

Rahul sees shares cheap enough to keep his OW, but his recent convo w/ CEO and interim CFO lead him to believe that

PLNT’s near-term growth algo is likely to remain constrained by limited pricing power, elevated member acquisition costs,

and a real estate footprint that may not support broader experience-led offerings that are increasingly common across HVLP

2.0/3.0 competitors. While the business remains FCF generative and valuation still supportive – we see a lower U.S. TAM, slower

near-medium term development and a greater need for strategic clarity to get more constructive. Rahul is hosting investors

at PLNT’s New Hampshire HQ on August 20.

From Rahul:

“We are establishing Dec-27 price target of $62 based on 17.5x F28 EPS and 2035 TAM for brand maturity in the US,

discounted back at 9%.