UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Gildan Activewear

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Gildan Activewear

, and raised its price target from $33.00 to $36.00. Canaccord Genuity noted, “We are increasing our 12-month target price to US$36.00 (from US$33.00) and reiterating our BUY rating. Our target price represents 14.3x our F2013 EPS estimate of $2.51. With Gildan having cycled through its high cost cotton inventory, the cotton headwinds appear to have subsided. Meanwhile, we believe Gildan's recent acquisition of Anvil was strategically sound, which along with Hanesbrands' decision to leave the wholesale channel, should support wholesale market share growth over F2013. We believe Gildan is attractively valued, trading at 12.7x our F2013 EPS estimate.” Gildan Activewear closed on Tuesday at $31.48.