Gildan Activewear price target raised to $62 from $59 at Scotiabank

Scotiabank raised the firm’s price target on Gildan Activewear (GIL) to $62 from $59 and keeps an Outperform rating on the shares. On paper, Gildan’s deal to acquire Hanesbrands (HBI) is “highly compelling,” but deals of this magnitude for underperforming assets carrying meaningful risks, the analyst tells investors. Overall, the firm still lands on a “positive outcome” for the stock, primarily due to its synergies’ magnitude and sizable free cash flow.