智通财经APP获悉，Evercore ISI在宝洁(PG.US)发布第四季度财报前将该股的评级从“跑赢大盘“下调至“与大盘持平”。Evercore ISI预计宝洁将发布2026财年有机销售额增长1%至3%的指引，其中包括因投资组合优化(而非资产剥离)产生的约50个基点的损失。这一指引可能低于市场普遍预期的2.4%。
Evercore ISI分析师Robert Ottenstein强调：“2026财年业绩指引将涵盖温和但广泛的多种情景。宏观压力是暂时性的，而且与以往的经济低迷时期不同，宝洁的产品组合现已扩展到价格敏感型品类的中端竞争品牌领域，为面临压力的消费者提供替代方案。”
Ottenstein表示，担忧在于零售渠道的不利转变，这些变化对宝洁的增长潜力构成了挑战。值得注意的是，在美国，亚马逊(AMZN.US)目前占据了所有家用个人护理产品增长的50%，这导致其在全球范围内与宝洁的核心零售商(主要是沃尔玛和好市多)相比出现了两个百分点或一个百分点的增长差距。宝洁凭借规模和产品优势在这些核心零售商中仍然保持着竞争优势。
宝洁将于7月29日公布第四季度财报，市场预期营收为208亿美元，每股收益为1.42美元。
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