Wells Fargo upgraded Hanesbrands (HBI) to Equal Weight from Underweight with a price target of $6, up from $5, after the company agreed to be acquired by Gildan Activewear (GIL). The firm updated its rating and target to match the general terms of the deal, adding that while it expects some price fluctuation due to the heavy stock component of the transaction, ultimately the price should remain range bound until the deal closes. Management is also confident that regulatory approval will not be an issue, the analyst tells investors in a research note.
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