Levi Strauss (NYSE:LEVI) is slated to release its second quarter Fiscal 2024 results on June 26, after the market closes. The company’s performance might have benefited from strong demand for its jeans during the quarter. It is worth noting that Levi’s web traffic increased year-over-year during the quarter, indicating strong top-line numbers.
Levi is a global apparel company, famous for its iconic Levi’s denim jeans and casual clothing.
Encouraging Website Traffic Trend
Investors can use TipRanks’ Website Traffic Tool to gain insights into a company’s upcoming earnings report. The tool offers information on how a company’s website domain performed over a specific time frame.
According to TipRanks’ Website Traffic tool, total visits to levi.com grew by 28.29% year-over-year in Q2. The company’s website traffic jumped to 32.55 million from 25.38 million in the year-ago quarter.
The rising website traffic indicates that the demand for the company’s products remained strong during the quarter and might have supported top-line growth.
Learn how Website Traffic can help you research your favorite stocks.
LEVI – Q2 Expectations
Wall Street expects Levi to report sales of $1.45 billion in Q2, up 8.2% year-over-year. Further, the company is expected to post earnings of $0.11 per share, reflecting a significant increase from $0.04 in the year-ago quarter.
Interestingly, LEVI has a strong quarterly performance history. It has exceeded earnings expectations for 15 consecutive quarters.
Analysts Raised Price Targets Ahead of Q2 Results
Before the release of Q2 results, three Wall Street analysts rated LEVI stock a Buy and raised their price targets. Among the bullish analysts, Oliver Chen from TD Cowen lifted the price target to $26 from $23, implying 10.5% upside potential from current levels.
Also, five-star analyst Jim Duffy from Stifel Nicolaus raised the price target to $28 from $24. The new price target implies 20.6% upside.
Is Levi Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating based on six Buys and six Holds assigned in the past three months. After a 38.89% rally in its share price over the past six months, the analysts’ average price target on Levi stock of $22.82 implies 1.7% downside potential.
Options Traders Anticipate a Large Move
Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry; the Options tool does this for you. Indeed, it currently says that options traders are expecting a large 9.26% move in either direction.
