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In a report published Thursday, D.A. Davidson & Co. analyst Andrew Burns reiterated a Neutral rating on
HanesbrandsHBI, and raised the price target from $100.00 to $108.00.
In the report, D.A. Davidson & Co. noted, “HBI reported revenue and adjusted EPS of $1.342 billion and $1.71 (GAAP $1.51), compared to consensus at $1.352 billion and $1.51, and our estimates of $1.339 billion and $1.50. Revenue grew 11.9% year-over-year (y/y), driven by 14.7% growth in Innerwear (down 2.0% excluding MFB) and an 8% growth in Activewear. Adjusted gross margin expanded 155bp y/y to 37.9%, driven largely by the Innovate-to-Elevate strategyand supply chain efficiencies. SG&A was up 9.0% to $277.0 million, representing 20.6% percent of sales (vs. 21.2% in 2Q13).”
Hanesbrands closed on Wednesday at $98.07.
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