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- Credit Suisse analyst Michael Binetti has reiterated a Neutral rating on the shares of HanesBrands Inc (NYSE:HBI) with a price target of $7.
- The analyst is encouraged by 4Q sales revised to now be slightly above the high end of prior guidance. The analyst thinks trends were similar, at down mid-teens% Y/Y for both Innerwear and Activewear.
- That said, the analyst would've expected some EBIT upside on better sales, and EBIT dollars were only revised to the midpoint of the prior range ($70 million - $100 million).
- The analyst believes the catalyst for the prerelease was the CFO departure during quiet period, and HBI wanting to reassure that near-term trends were tracking to guidance.
- At some point, U.S. mass/dept stores will have to start to replenish, which could happen fast, potentially by 2Q23, said the analyst.
- The analyst said by 2H23, HBI will be benefitting from lapping -150 basis points of 2H22 manufacturing pause deleverage, lapping -400 basis points of 2H22 Freight/Commodities, a massive 40% SKU reduction, consolidation around its most efficient DCs and lapping 2H retailer destocking of national brands and replenishment categories.
- HBI notes that it has a line of sight to GM's back to at/above pre-COVID levels, and the analyst doesn't see why this supply chain will be impaired beyond the current destocking period.
- Price Action: HBI shares are trading higher by 2.94% at $8.23 on the last check Monday.
- Photo Via Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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