Prestige Consumer Healthcare (PBH) reported weaker-than-expected Q4 results and issued 2026 guidance below consensus, with the shortfall driven primarily by supply constraints in Clear Eyes and broader execution pressures, Oppenheimer said in a Thursday note.

The analyst said adjusted EPS and revenue both missed expectations in the quarter, while the 2026 outlook came in below Street estimates, reflecting headwinds from recent acquisitions, elevated leverage and a more uncertain consumer environment.

Oppenheimer noted that management introduced a medium-term framework calling for roughly 10% annual revenue growth and about 8% EPS compound annual growth rate, supported by portfolio expansion, Clear Eyes recovery, and contributions from recent acquisitions.

The report added that Prestige's planned acquisition of LaCorium Health for about $150 million is expected to strengthen its skincare portfolio and add incremental growth, while the firm updates its estimates pending further clarity on 2026 assumptions.

Oppenheimer downgraded the stock to perform from outperform and removed its $65 price target.

Shares of Prestige Consumer Healthcare were down more than 12% in Thursday trading.

Price: 45.28, Change: -6.53, Percent Change: -12.60