UPDATE: Bank of America Upgrades Gildan Activewear, Inc.

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Earlier Friday morning, Bank of America issued a note in which analyst, Chris Li upgraded shares of Gildan Activewear, Inc.
GIL
from Neutral to Buy and raised the price objective from $61 to $68. Li's upgrade comes amid increased confidence in sales momentum. He noted that the company was able to capture 6.5 percent of the market share in men's underwear in the U.S., putting them in third place behind Hanes and Fruit of the Loom. Li added that not only could the recent decline in cotton prices positively impact Gildan's fiscal 2016 earnings, but he expects the company to be debt-free in fiscal 2016 as well. Li noted that this would put the company in a good position to increase its capital returns or look for earnings accretive acquisitions. Looking ahead, Li is forecasting 2014-16 EPS of $3.01, $3.57, and $4.11, respectively.
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Posted In: Analyst ColorNewsUpgradesPrice TargetAnalyst RatingsBank of AmericaChris Li
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