Levi Strauss price target raised to $24 from $22 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Levi Strauss to $24 from $22 and keeps an Outperform rating on the shares. FY24 is “off to a nice start,” with its Q1 beat driven by better sales, gross margin expansion, and expense control, the analyst tells investors. While the company did not raise its FY24 revenue outlook, Telsey continues to believe Levi is favorably situated for the year. Overall, Levi is well-positioned with a strong and growing DTC business, a more focused assortment, and increased concentration of newness, the firm adds.