UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Hanesbrands Following Q2'13 EPS Report

In a report published Wednesday, Citigroup analyst Kate McShane reiterated a Buy rating on

, and raised the price target from $63.00 to $69.00. In the report, Citigroup noted, “HBI reported Q2'13 EPS of $1.19, well above our estimate of $0.95 and consensus of $0.92 on stronger gross & operating margins. Mgmt also raised FY13 EPS guidance to $3.50-$3.65 (from $3.25-$3.40 previously) on stronger margins (of ~12.4%, up from ~11.4% prior), though revenues are now expected to be slightly lower (+0.5% y/y, down from +1.6%) due to a continued choppy retail environment & stronger-than-expected F/X headwinds.” Hanesbrands closed on Tuesday at $59.46.