Levi Strauss & Co (NYSE:LEVI) shares are dropping Wednesday. The company is set to announce its third-quarter earnings after the market close.

• Levi Strauss stock is feeling bearish pressure. Why is LEVI stock dropping?

Levi Strauss Set to Report Q3 Results After the Bell

Levi will report after the closing bell today. Benzinga Pro data shows Wall Street forecasting earnings of 36 cents per share and sales of $1.62 billion. A beat on both measures could give Levi shares a lift, since the stock is trading lower into the report. A miss on either figure could add to the pressure.

Levi posted earnings of 28 cents per share and roughly $1.56 billion in sales the second quarter. The company topped both forecasts last quarter and raised its full-year outlook. Another beat paired with a higher outlook could repeat that pattern.

Jefferies analyst Blake Anderson maintained a Buy rating on Oct. 1 and lowered the firm’s price target to $25 from $27, according to Benzinga Pro. Citigroup also maintained a Neutral rating and cut its target to $22 the day before.

The company announced on Sept. 30 that John Vandemore was appointed executive vice president and chief financial officer, effective Nov. 1.

Levi’s 50-day moving average fell below its 200-day moving average on Oct. 1, a setup technicians often view as a sign the longer-term trend structure has weakened.

At current levels, the stock is below its 20-day ($19.90), 50-day ($21.37) and 200-day ($21.75) moving averages, pointing to a downtrend across short-, medium- and longer-term timeframes. Shares are sitting between support at $19.50 and resistance at $22.00, with Wednesday’s drop pressing toward that nearby support level.

LEVI Shares Are Slipping

LEVI Price Action: Levi shares were down 4.14% at $19.68 at the time of publication on Wednesday, according to Benzinga Pro.

Image: Shutterstock