美银证券发布高乐氏（Clorox，CLX.US）研究，在公司即将更换CEO之际梳理其挑战与机遇。2026年5月28日，董事长兼CEO Linda Rendle因健康原因宣布卸任，董事会启动新任CEO遴选。报告认为，受新冠疫情、2023年网络攻击及2025/2026财年ERP系统切换冲击，公司销售持续受扰，预计F27品类增长基本持平、低于历史2%-2.5%的水平；垃圾和草坪袋、木炭、厨余收纳袋及家用清洁剂等品类自有品牌份额上升构成风险，猫砂则持续面临同业性价比产品与创新竞争。机遇方面，公司收购GOJO后有望借其B2B网络扩张手部清洁品类，但Purell消费者端增长落后于Touchland等竞品，放量尚需时日。报告维持中性评级，目标价100美元，对应2027年预期EPS的15倍市盈率，认为该目标倍数合理平衡了消费环境承压下的短期销量复苏与长期利润率改善。
CLX at a crossroads following years of sales disruptions. Ahead of an anticipated CEO change, we outline challenges and opportunities at Clorox (CLX). On 28 May 2026, Linda Rendle announced her decision to step down as Chair and CEO for health reasons, with the Board commencing a CEO search process. In our view, CLX is at a crossroads, with years of disruption following COVID, the 2023 cyberattack, and more recent Enterprise Resource Planning (ERP) transition disrupting normalized sales trends. We expect category growth to be flattish in F27 and below historical levels of 2-2.5% due to lower volume growth and softer mix from consumers looking for value amid increased competition. Challenges: Weak category growth, private-label risk. Overall, private-label share has been kept at bay for CLX despite challenges from the recent ERP transition. Across categories, private-label exposure for CLX is more mixed. We have seen an uptick in private-label share in certain key categories, notably ga