UBS upgrades Hanesbrands to Buy, calls it a ‘turnaround stock’

UBS upgraded Hanesbrands (HBI) to Buy from Neutral with a price target of $11, up from $9. The firm said that Hanesbrands is a “turnaround stock,” and believes a positive inflection in its business fundamentals is about to happen. This turnaround should drive a roughly 24% EPS CAGR post the current fiscal year, and UBS anticipates this type of growth leads to upward EPS revisions, the analyst tells investors in a research note.