Denim Stock Sees New Coverage on Emerging Trends

The brokerage bunch is wholeheartedly bullish on LEVI

Deputy Editor
Aug 30, 2021 at 10:12 AM
facebook twitter linkedin


Levi Strauss & Co (NYSE:LEVI) stock received a fresh bull note this morning, with Wells Fargo initiating coverage with an "overweight" rating and price target of $31. The firm cited several potential tailwinds for the equity, including the "loose-fit" denim trend, and its recent acquisition of Beyond Yoga. At last check, LEVI was up 1.4% to trade at $27.24.

On the charts, Levi Strauss stock experienced a volatile run over the last few months, though the security recently found a floor at the $26 level. Plus, long-term support at the ascending 140-day moving average has caught multiple pullbacks. Year-to-date, the stock is up 35.7%. 

Today's analyst praise has Wells Fargo joining an already bullish brokerage bunch, as all five analysts in coverage carried a "buy" or better rating coming into today. Plus, the 12-month consensus price target of $34.86 was a 29.7% premium to last night's close. 

Options traders, on the other hand, have been more bearish than usual, though amid low absolute volume. The stock's 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 92% of readings from the past year, indicating puts being picked up at a faster-than-usual clip. 

 

 

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

 


 


 
Special Offers from Schaeffer's Trading Partners