UPDATE: Wunderlich Securities Initiates Coverage on Hanesbrands with Buy Rating, $124 PT on Positive Outlook

In a report published Friday, Wunderlich Securities analyst Danielle McCoy initiated coverage on

with a Buy rating and $124.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Hanesbrands Inc. (HBI) with a Buy rating and $124 price target. Hanesbrands has evolved from a basic white tee and underwear company to a leading innerwear/intimate apparel player with $5+ billion in annual revenue. Its strong branded portfolio, ability to leverage innovative platforms, and significant free cash flow (FCF) generation has greatly improved its operating performance and capital structure. Going forward, we expect Hanesbrands to remain focused on its innovate-to-elevate and acquisition-based strategy, and more important, remain committed to creating shareholder value. Given the material synergistic and global growth prospects on the horizon combined with its expected FCF and consistent dividend strategy, we would be buyers of HBI.” Hanesbrands closed on Thursday at $107.05.