Citi downgraded Gildan Activewear (GIL) to Neutral from Buy with a price target of $63, up from $60. The firm cites valuation for the downgrade with the shares up 30% year-to-date. The shares are now pricing in a successful close to Hanesbrands (HBI) deal, the analyst tells investors in a research note. Citi sees a more balanced risk/reward for Gildan at current share levels.
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