Goldman Sachs announced on Tuesday that it was resuming coverage of the North Carolina-based apparel company, Hanesbrands Inc. (HBI
Taposh Bari, an analyst with the firm, commented about how Hanesbrands is the best performing stock in its universe, gaining a stellar 70% YTD compared to S&P 500′s gains of 20%. Bari cited a number of operational improvements that the company has undertaken, although he went onto to warn that, “HBI appears to have become a defensive stock, evidenced by its expanded multiple, as investors reward its macroindependent upward EPS revisions. If our observation is accurate, HBI’s multiple could be at risk if industry conditions improve.” As such, Goldman Sachs has the stock rated at “Neutral” with a price target of $66 a share.
Hanesbrands shares traded lower on Tuesday, shedding 0.74% on the day. The stock is up nearly 70% YTD.
No comments:
Post a Comment