TD Securities raised the firm’s price target on Gildan Activewear (GIL) to $73 from $67 and keeps a Buy rating on the shares. The firm believes that Gildan, together with Hanesbrands (HBI), should see an acceleration of its EPS growth with revenue and tangible cost synergies, though the Q3 outlook is “not what excites us,” the analyst tells investors in a preview. The firm’s Q3 EPS estimate of 96c is below consensus at 98c, but it argues the “combination of the North American activewear leader in the Printwear channel with the Retail innerwear leader appears a powerful combination” to drive attractive EPS growth and strong free cash flow.
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Read More on GIL:
- Gildan Activewear Prices $1.2 Billion Notes for Hanesbrands Acquisition
- Gildan Activewear Announces Acquisition of HanesBrands
- Gildan Activewear price target raised to C$86 from C$80 at National Bank
- Gildan Activewear price target raised to $62 from $59 at Scotiabank
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