Levi Strauss Analysts Boost Their Forecasts After Upbeat Earnings

Author: Avi Kapoor | April 04, 2024 01:50pm

Levi Strauss & Co. (NYSE:LEVI) reported upbeat earnings for its first quarter and boosted its 2024 earnings guidance on Wednesday.

Levi Strauss reported first-quarter earnings of 26 cents per share, which beat the analyst consensus estimate of 21 cents by 23.81%. Quarterly sales came in at $1.558 billion which beat the analyst consensus estimate of $1.547 billion and is a 7.76% decrease over sales of $1.689 billion in the same period last year, according to data from Benzinga Pro.

“We started the year strong delivering results above expectations, underscoring the power of the Levi’s brand and the progress we are making on our strategic priorities. Both newness and strength in our core offerings are fueling consumer demand and driving meaningful market share gains,”said Michelle Gass, president and CEO of Levi Strauss & Co.

The company raised its fiscal year 2024 adjusted earnings per share guidance from between $1.15 and $1.25 per share to between $1.17 and $1.27 per share, versus the $1.21 per share estimate.

Levi Strauss shares gained 18% to trade at $22.01 on Thursday.

These analysts made changes to their price targets on Levi Strauss following earnings announcement.

• Telsey Advisory Group raised the price target on Levi Strauss from $22 to $24. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating.
• TD Cowen boosted the price target on Levi Strauss from $19 to $23. TD Cowen analyst Oliver Chen maintained a Buy rating.
• Wells Fargo increased the price target on Levi Strauss from $17 to $20. Wells Fargo analyst Ike Boruchow maintained an Equal-Weight rating.
• UBS raised the price target on Levi Strauss from $23 to $25. UBS analyst Jay Sole maintained a Buy rating.

 

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Posted In: LEVI