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Levi Stock Drops on Guidance Cut, Results Seen as ‘Disappointing’ By Investing.com

Investing.com by Investing.com
October 7, 2022
in Business
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© Reuters Levi Stock Drops on Guidance Cut, Result Seen as ‘Disappointing’

By Senad Karaahmetovic

Levi Strauss & Co (NYSE:) shares are down over 5% today after the company slashed its guidance and reported weaker-than-expected Q3 results.

LEVI EPS of $0.40 on revenue of $1.5 billion, which compares to consensus of $0.37 per share on revenue of $1.6 billion. On the full-year front, Levi sees EPS between $1.44 and $1.49, again lower than the consensus of $1.54 per share.

“As a result of the significant incremental currency headwinds from the stronger U.S. , as well as a more cautious outlook for North America and Europe due to macroeconomic conditions and ongoing supply chain disruptions, the company has adjusted its expectations for fiscal year 2022,” the company said.

Wells Fargo analysts said Q3 results were “disappointing.” The analysts cut the price target to $19 per share from the prior $22.

“LEVI’s challenged print was likely a harbinger of things to come across the space this EPS season… We remain cautiously optimistic on the name, while staying downbeat on the overall space,” they said in a client note.

Stifel analysts also cut the price target as he went to $20 from the prior $23 on Buy-rated LEVI shares.

“While discouraging, challenges are not unique to LEVI and we expect further guidance reductions across the lifestyle apparel and footwear complex in the coming 3Q earnings season. Big picture, we remain compelled by LEVI’s brand positioning, longer-term opportunities for value creation, and relative valuation. Through this lens, we see shares as under-valued and remain comfortable with our Buy rating,” they told clients.

Tags: cutDisappointingDropsGuidanceInvesting.comLeviresultsstock

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