Here are the biggest calls on Wall Street on Monday
J.P. Morgan said the maker of blue jeans is an iconic brand with strong management.
"We are initiating coverage of LEVI with an Outperform rating and price target of $28. Following its privatization in 1985, we believe Levi Strauss & Co. has re-emerged into the public market in a position of strength for several reasons. First, the company has a proven track record of growth over the past seven years. In F2018, net revenues reach $5.57B representing a CAGR of 2.3%; operating income grew at a CAGR of 6.9%, resulting in 250 bps of margin expansion to 9.
"We see Nokia as a leader in the CommTech space, but downgrade the shares to Sell in light of 2% outperformance in the last 6 months, while SME Direkt consensus EPS has been revised down 44% over that period. We believe there is scope for further downside to consensus, as our new estimates now factor in lower Networks revenues, a more conservative margin trajectory and more muted growth in the highly profitable Patents business. Our latest ests. are 9%/14% below 2019/20 Street ests.
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