UPDATE: Stonecap Reiterates Outperform Rating, Raises PT for Gildan Activewear

In a report issued earlier today, Stonecap Securities reiterated its Outperform rating for Gildan Activewear Inc.

and raised its price target from $28.00 to $33.00. Stonecap went on to say “We believe that management continues to position the company well for long-term growth in both the core wholesale channel and also the retail segment. With cotton costs locked in for the balance of the year, firming demand in the wholesale channel, easing annual distributor unit volume growth comparables, and retail inventories at a low point, we remain confident that management can at least meet, and more likely exceed current earnings guidance.” Gildan Activewear Inc. closed yesterday at $26.85.