North America Equity Research

研报英文原文证据摘录

North America Equity Research

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

31 July 2026

Church & Dwight Neutral

CHD, CHD US

Share Gains More Than Offset Category Weakness; Price (31 Jul 26):$98.81

Model Update Post 2Q26 Results Price Target (Dec-27):$105.00

Church & Dwight (CHD, Neutral-rated) continues to positively surprise, as a Beverage, Household & Personal

combination of innovation, revenue growth management, bolt-on acquisitions and Care Products

distribution gains defy the general slowdown in categories. Additionally, Andrea Teixeira, CFA AC

management raised their FY26 guidance throughout the P&L to incorporate the (1-212) 622-6735

strong front half coupled with expectations of continued momentum ahead - see our andrea.f.teixeira@jpmorgan.com

initial reaction note here for more details. The (guidance) beat and raise are Shovana Chowdhury

encouraging but given that CHD’s relative valuation vs. peers mostly reflect the (1-212) 270-2184

outsized growth, the stock ended up only +1.4% vs. flattish XLP (down -0.3%). Also, shovana.chowdhury@jpmorgan.com

likely due to rotation out of staples and CHD relative better growth and EPS delivery, Drew Levine, CFA

(1-212) 622-0374

CHD’s shares have already outperformed YTD (up +17.8% vs. XLP +9.5%), and drew.levine@jpmorgan.com

therefore we see limited room for further re-rating, hence our Neutral rating, despite J.P. Morgan Securities LLC

acknowledging the better execution and share gains.

• 2Q26 in One Sentence: Adj EPS of $0.89 beat Q2 guidance by a penny while Quarterly Forecasts (FYE Dec)

was slightly below our on-consensus projection of $0.90, with volume-led Adj. EPS ($)

organic sales of +5.8% (sequentially up from +5.0% in Q1) coming in 2025A 2026E 2027E

significantly ahead of expectations and guidance.