Denim maker Kontoor Brands hits six-month low after Barclays cuts PT

Kontoor Brands

07/07/2023 20:01

** Shares of Wangler jeans maker Kontoor Brands  KTB.N  drop
~9% to a six-month low of $37.55
    ** Barclays cuts PT to $41 from $45
    ** Brokerage says it is turning cautious on the stock in
near-term after peer denim maker Levi Strauss  LEVI.N  lowered
its annual profit forecast on softening U.S. wholesale demand
    ** LEVI has said it would slash prices in order to drive
growth in certain styles in the U.S. wholesale segment;
According to Barclays, the move threatens KTB's margin recovery
should the company need to follow on promotions in an already
soft environment
    ** Up to last close, KTB stock had fallen ~8% YTD, compared
with a 30% rise in the S&P 1500 Consumer Discretionary  .SPCOMD 
index

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))