Levi Strauss rises after annual forecast raise
BUZZ-Levi Strauss rises after annual forecast raise Updates
** Shares of denim-maker Levi Strauss LEVI.N up 2% at $24.87, reversing earlier losses
** The company raised its annual net sales and profit forecasts on Wednesday, betting that its premium denim products would appeal to higher-income shoppers even as economic uncertainty weighs on broader consumer spending
** BofA Global Research says Europe remains strong and it is more confident about fourth-quarter results despite slower cost improvements
** Brokerage BTIG says Levi's continues to gain market share in both men's and women's denim, while the broader denim category remains healthy and is expected to outpace apparel growth over time
** "While Levi's executives emphasized that demand remains resilient, the company could be affected by declining consumer confidence and rising oil prices in markets outside the US" — eMarketer analyst Rachel Wolff
** Average rating of 16 analysts is "buy"; median PT $27 — data compiled by LSEG
** Up to last close, stock had risen 17.5% YTD
(Reporting by Akriti Shah and Koyena Das in Bengaluru)
((akriti.shah@thomsonreuters.com ; X, formerly Twitter: @AkritiShahh))