UPDATE: Bank of America Raises PT on Gildan Activewear Following Consumer Conference
In a report published Wednesday, Bank of America analyst Chris Li reiterated his Neutral rating on Gildan Activewear (NYSE: GIL), and raised his price target from $39.00 to $41.00.
In the report, Li noted, “EVP and CFO Laurence G. Sellyn provided an overview of the company's earnings growth drivers and free cash flow deployment strategy. In our view, the key message is that the company will continue to take advantage of its strong financial position and invest in growth (especially retail) and further improve its industry leading cost position and product quality and innovation. We believe the recent valuation multiple expansion (from 13x to 15x 2013E EPS) reflects this expectation.”
Gildan Activewear closed on Tuesday at $38.71.
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