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Fly News Breaks for August 15, 2019
LEVI
Aug 15, 2019 | 06:40 EDT
BofA/Merrill analyst Heather Balsky upgraded Levi Strauss to Buy but lowered her price target to $20 from $25. The analyst says the company stands out with potential upside to revenue and earnings thanks to its strong brand momentum, and sees the current valuation of 8-times enterprise value to expected FY20 EBITDA as "attractive" relative to its post-IPO peak of 11-times. The analyst remains concerned about Levi's department store exposure in a tougher macro environment, but contends that the company can generate more market share gains.
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