Levi Strauss ( NYSE: LEVI ) stock slipped on Monday after JP Morgan analyst Matthew Boss stepped to the sidelines only two days prior its Q4 earnings release.
Boss explained that “mixed trends” in denim arouse some caution with a “negative inflection” likely for jeans into the spring. He advised that these trends leave the risk/reward balanced into a Q4 report that could offer conservative guidance.
Boss cut his rating on the stock from Overweight to Neutral and reduced his price target to $17 from $19. Shares of the San Francisco-based apparel manufacturer fell 1.22% in premarket trading on light volume.
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JP Morgan downgrades Levi Strauss ahead of earnings