Hanesbrands downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Michael Binetti downgraded Hanesbrands to Neutral from Outperform with a price target of $7, down from $10. The company’s Q3 results and guidance cut suggest that the turnaround in its profitability is taking longer than expected, the analyst tells investors in a research note. Binetti further states that while the problems for Hanesbrands are not "in isolation", it’s situation is unique as it is also burning $400M of cash from operations heading into a potentially worsening macro environment.