SAN FRANCISCO, United States — Shares of Levi Strauss & Co. sank as a lot as 6.6 p.c to the bottom since a March preliminary public providing after Goldman Sachs issued the primary promote ranking on the clothes firm.
Analyst Alexandra Walvis minimize her ranking on the denim model to promote from impartial and trimmed her 12-month value goal to $19 to $21. Walvis cited “a extra challenged US wholesale setting,” not just for Levi, however for retailers Ralph Lauren Corp. and PVH Corp. She downgraded each.
Levi’s higher model progress is nicely understood by buyers, so the corporate’s growing valuation in comparison with friends is “unwarranted,” Walvis advised shoppers in a word.
Earlier this month, Levi’s inventory had climbed about 39 p.c from its IPO value of $17 earlier than a disappointing earnings report drove shares down.
A slowdown in progress for Levi worth manufacturers Signature and Denizen will solely add to considerations in regards to the deteriorating wholesale state of affairs, Walvis cautioned.
By Cristin Flanagan; editors: Catherine Larkin and Steven Fromm.
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