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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HBI:
- Hanesbrands Announces Merger with Gildan Activewear
- CoreWeave reports Q2 beat, Gildan to acquire Hanesbrands: Morning Buzz
- Unusually active option classes on open August 13th
- Morning Movers: Brinker gains, Cava tumbles after restaurants’ earnings reports
- Video: Cava, Brinker moving in opposite directions after earnings