As previously reported, Morgan Stanley downgraded Hanesbrands to Equal Weight from Overweight with a $22 price target. Analyst Jay Sole said industry data indicates underwear category sales have slowed industry-wide and believes flat growth is the new normal, versus his previous view of up 2%. Sole believes Hanesbrands will have to increase marketing spend to maintain share, driving a reduction in his margin outlook. Further, the analyst reduced his free-cash-flow outlook to reflect greater M&A integration and working capital needs and said valuation looks less attractive.