BUZZ-PREVIEW: Levi's Q2 rev, EPS seen rising

Reuters06-26 23:46

** Shares of Levi Strauss & Co up 1.2% to $23.27 on Weds ahead of denim maker's Q2 report due after market close

** Wall Street expects co's qtrly rev to increase 8.6% to $1.45 bln and adj EPS of 11 cents compared to profit of 4 cents a yr-ago, LSEG data shows

** In prior qtr, LEVI raised its FY profit outlook as cost saving measures, fewer discounts and direct-to-customer $(DTC.AU)$ sales focus paid off

** Stifel, which has "buy" rating on LEVI, boosted its PT last week by $4 to $28

** "We have increasing conviction in the achievability of estimates, bolstered by increasing category and brand relevance, and continued execution to quality of sales and cost savings initiatives," Stifel wrote in preview note

** 6 of 13 analysts covering LEVI rate stock "strong buy" or "buy", rest rate "hold"

** Median PT of $22.50 up from $17.18 on Mar 26

** LEVI shares have gained roughly 40% YTD. This as S&P 500

up ~14.5% in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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