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Fly News Breaks for December 13, 2019
Dec 13, 2019 | 06:23 EDT
BofA/Merrill analyst Heather Balsky downgraded Hanesbrands to Underperform from Neutral with a price target of $13, down from $16. The analyst sees risk of multiple contraction as Champion sales decelerate from "peak levels" and the C9 exit from Target constrains the company's 2020 sales and earnings growth. She now assumes a 2% 2020 sales decline for Hanesbrands and a 10 basis point operating margin decrease.