Wells Fargo raised the firm’s price target on Hanesbrands (HBI) to $5 from $4 and keeps an Underweight rating on the shares. The firm notes that multiple media reports are speculating a potential purchase of Hanesbrands by Gildan Activewear (GIL). While the details around takeout value conflict, with multiple sources confirming, it does create more downside support, Wells adds.
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