Singular Research Reiterates Buy, $23 Target on Delta Apparel

Singular Research maintains its Buy rating and $23 target price on Delta Aparel

as the company's loss for 2Q12 comes within its recently revised guidance. Singular Research comments, "DLA reported a Q2:12 loss of $13.6 million ($1.61 per share) vs. a profit of $1.4 million ($0.16 per share) in Q2:11, a consensus loss of $1.595 per share and our loss estimate of $1.60 per share. Results were negatively impacted by the previously announced $16.2 million ($1.20 per share) write down on basic undecorated t-shirt inventory and $3.2 million of higher cotton prices in the Basics segment." DLA closed at $15.93 a share on Friday.