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Levi Strauss Gains 2 percent After TD Cowen’s Price Target Raise

Levi Strauss (NYSE:LEVI) shares rose more than 2% pre-market today after TD Cowen analysts raised their price target on the company to $26 from $23, maintaining a Buy rating and naming the stock a Best Smidcap Idea.
The analysts see further upside potential for Levi Strauss despite its significant recent outperformance. This optimism is based on three main factors: Levi’s leading and growing market share in the denim category, which is experiencing mid-single-digit growth; the premiumization driven by global direct-to-consumer expansion, with plans to increase the number of stores from approximately 1,100 to 1,500 by 2027; and conservative 2024 guidance, which presents potential for upward revisions.
The key risk highlighted is potential pressure in U.S. and Europe wholesale markets. However, the analysts reiterated the Buy rating, reflecting confidence in Levi Strauss’s growth prospects.

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