Levi Strauss & Co (LEVI) experienced a significant pre-market decline of 6.69% on Thursday, as the stock came under selling pressure following negative analyst sentiment and a disappointing earnings outlook.

The plunge was triggered by JP Morgan cutting its price target on Levi's from $33 to $30, indicating reduced confidence in the company's future stock performance. This analyst action contributed to negative market sentiment during the pre-market session.

Additionally, Levi's recently reported quarterly earnings included a full-year earnings forecast that fell below analyst estimates, further weighing on investor confidence. While the company showed growth in tops and non-denim items during the quarter, the below-expectations guidance for the coming year appears to have disappointed market participants.