JPMorgan downgrades Levi Strauss on ‘mixed’ denim trends

JPMorgan analyst Matthew Boss downgraded Levi Strauss to Neutral from Overweight with a price target of $17, down from $19. The analyst sees a more balanced risk/reward at current share levels. The firm’s recent fieldwork points to "mixed trends" on denim following Q3’s negative category inflection, with dressier and adult styles holding up, partially offset by relative softness in teen, JPMorgan tells investors in a research note.