Denim Stock Sees New Coverage on Emerging Trends

The brokerage bunch is wholeheartedly bullish on LEVI

Assistant Editor
Aug 30, 2021 at 10:12 AM
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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. 



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