TD Cowen initiated coverage of Levi Strauss & Co. (LEVI) with an “outperform” rating and $16 price target. It’s ahead of the company’s third quarter earnings release on Thursday, October 5. TD Cowen Senior Research Analyst Oliver Chen joins Yahoo Finance Live to discuss the reasons for the rating and some of the things he is watching ahead of the earnings call. “As we survey consumers, [Levi Strauss is] number one by far, it also has dominant share. But as we look forward, what’s really happening is global growth,” as the company is “going more direct-to-consumer… they’re also going more international,” Chen explains. “What we are concerned about in the near term is some dislocation inventory and having too much inventory and the company working through that,” Chen notes. “Valuation does look attractive to us, in terms of the stock pulling back the past couple of quarters where these have been issues to monitor,” Chen adds. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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