Gildan Activewear "buy," target price raised

08/28/07 - Wall Street Access

NEW YORK, August 28 (newratings.com) - Analyst Monica Logani of Wall Street Access reiterates her "buy" rating on Gildan Activewear Inc (GIL), while raising her estimates for the company. The 12-month target price has been raised from $35 to $46.

In a research note published this morning, the analyst mentions that the company has reported robust F3Q earnings. Gildan Activewear generated 25% y/y revenue growth, backed by the Kentucky Derby acquisition and market share gains, the analyst says. The company has named Wal-Mart as a customer. The EPS estimate for FY08 has been raised from $1.73 to $1.85.