UPDATE: Miller Tabak & Co. Downgrades Gildean Activewear

According to a research report published this morning, Miller Tabak & Co. has downgraded Gildean Activewear

from Buy to Neutral. Miller Tabak commented in the report, "While we think there are considerable long term growth opportunities ahead, the stock has largely accomplished our short term price objective of $28 a share. We think the shares are fairly valued at 13 times our current fiscal 2013 EPS estimate of $2.20, a level which may not be achieved should Rio Nance volume sensitive manufacturing efficiencies and Anvil acquisition-related synergies not be realized." Gildean Activewear closed yesterday at $26.85.