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UPDATE: Bank of America Downgrades Gildan Activewear to Neutral on Valuation

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Bank of America reduced its rating on Gildan Activewear (NYSE: GIL) from Buy to Neutral and raised its price objective from $33 to $35.

Bank of America noted, "Our rating change is based on our view that valuation largely reflects expectations for a strong earnings recovery in 2013 and is not due to deterioration in fundamentals. Following last year's disappointing earnings guidance, GIL shares have appreciated 80% YTD reflecting improved market conditions and investors' renewed confidence in management's ability to drive long term growth. GIL is trading near its 3-year avg. of 14x forward P/E. We believe risk/return is neutral at current valuation."

Gildan Activewear closed at $34.25 on Wednesday.

Latest Ratings for GIL

DateFirmActionFromTo
Jul 2015DesjardinsDowngradesBuyHold
Feb 2015CitigroupMaintainsNeutral
Nov 2014CitigroupMaintainsNeutral

View More Analyst Ratings for GIL
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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