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Fly News Breaks for October 12, 2016
HBI
Oct 12, 2016 | 06:48 EDT
Cowen analyst John Kernan downgraded Hanesbrands to Market Perform and lowered its price target to $27 from $33. The analyst believes consensus estimates of 32% earnings growth in 2018 from 2016 appear optimistic given industry dynamics. Kernan lowered his FY17 sales estimate slightly below consensus and now models total sales growth of +9% versus consensus of +10% and believes additional margin expansion may prove difficult as trends indicate North American department store/sporting goods, broadlines and specialty store community are reluctant to commit to inventory buys from vendors ahead of season.
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