Guggenheim Reiterates Buy Rating on Levi Strauss & Co. (LEVI) Following Investor Call
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Guggenheim analyst Robert Drbul reiterated a Buy rating and $16.00 price target on Levi Strauss & Co. (NYSE: LEVI) following an investor call with management. Due to the sales volume ramp related to COVID-19 and an expansion of services, e-commerce will be profitable in 2020, a year ahead of expectation.
LEVI announced plans to open >100 new digitally-enabled stores during its 6/7 2Q20 earnings call. While the majority of companies in Guggenheim's coverage have suspended store growth strategies in the wake of the pandemic, LEVI leans into the opportunity to grow market share, brand recognition, and its footprint.
Shares of Levi Strauss & Co. closed at $12.55 yesterday.
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