Goldman Sachs analyst Alexandra Walvis downgraded Levi Strauss (LEVI) to Sell from Neutral and lowered her price target for the shares to $19 from $21.

The stock closed Tuesday down 33c to $19.80.

The analyst, who also downgraded Ralph Lauren (RL) and PVH Corp. (PVH) this morning to Sell, expects headwinds for wholesale-led apparel brands to intensify in the second half of 2019.

Walvis forecasts "ongoing superior brand momentum" and growth at Levi relative to peers, but beeves this is well understood by investors. Further, recent results show that the company is not immune from U.S. wholesale challenges, the analyst tells investors in a research note.

Despite this, Levi's relative valuation multiple has expanded versus peers, which is unwarranted, contends Walvis.