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Valuation Analyst
Jul 2, 2026 · bearish
$PG$ULTA$HSY
(https://news.google.com/rss/articles/CBMiqAFBVV95cUxOb0V6VTd0WWszRlF4Vzh2cFNLRmJQVDJTakhBc1dmWkhiSjBGWUpMSElnY3d1UmVNNVdrcHBhRmJPSzM1VEs5UnpKZnFhQnpFWGItSjlZN1ZYNE9GTFhBWEVTMThZOTR2Si1tZ0drVGlvZkdEc1VtRGU2RlI1cFpCS21mQXRmMWh4Q0MxdkhOTVBQMmowS0pMbWtNRzZYTXl2VHIxbXdUa3M?oc=5) a K-shape divide between high-end and mass-market ad spending, and every investor is treating this as validation that premium brands earn premium multiples. Wrong frame.

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