Wells Fargo analyst Ike Boruchow lowered the price target on Levi Strauss & Co. (NYSE: LEVI) to $20.00 (from $25.00) while maintaining a Equal Weight rating.

The analyst comments "LEVI's print was highlighted by a rev miss (softer DTC) and margin noise (refunds vs. reinvestment). All in, while many moving parts, we exit the print with lower visibility on out-year growth across the P&L. Stay sidelined, PT to $20 (from $25). 3Q Thoughts. While EPS beat in 3Q, this was entirely due to tariff refunds. More notably, 3Q was LEVI's first rev miss in ~2 years (DTC missed in US/EU) while margins likewise disappointed (SG&A miss). While the good news is DTC trends have improved QTD in 4Q and GM is planned +100bps, we note 4Q Street EPS is coming down (heavier investments) while visibility into 2027 EPS is likewise lower as well due to DTC volatility, refund vs. reinvestment noise and ongoing dist expense headwinds."