Levi Strauss initiated with an Outperform at TD Cowen

TD Cowen analyst Oliver Chen initiated coverage of Levi Strauss with an Outperform rating and $16 price target. With one one brand awareness and market share, Levi’s is well positioned to grow direct-to-consumer engagement, international presence, and a lifestyle product assortment beyond denim, the analyst tells investors in a research not. The firm thinks a long-term earnings growth algorithm of 12% is achievable, supported by 6% annual revenue growth and consistent gross margin expansion. It views Levi’s current valuation as “reasonable.”