Gildan Activewear price target raised to $68 from $61 at RBC Capital

RBC Capital analyst Ryland Conrad raised the firm’s price target on Gildan Activewear (GIL) to $68 from $61 and keeps an Outperform rating on the shares. The company’s acquisition of HanesBrands (HBI) is a “complementary and logical fit”, the analyst tells investors in a research note. RBC’s investment thesis for Gildan is largely centered around the company’s position to capture share over the medium-term supported by its vertically integrated low-cost manufacturing model alongside multiple structural drivers, and the acquisition of Hanes bolsters the company’s ability to execute against this playbook, the firm added.