HanesBrands Upgraded To Buy From Neutral At Goldman Sachs

HanesBrands Inc. , the apparel manufacturer perhaps best known for its Hanes brand of t-shirts, was upgraded to buy from neutral at Goldman Sachs. The company's price target was increased to $40 from $32. After a 12% correction, the company's stock price is poised to increase, according to a Goldman Sachs note. HanesBrands is up 11.6% for the year-to-date. The S&P is down 2.9% for the same period. Goldman Sachs was also encouraged by the company's earnings, which met second-quarter expectations and maintained its full-year guidance. Looking forward, Goldman Sachs says growth in the intimates category (which includes bras and hosiery), a decline in the cost of cotton, and a buyback program will be positives for the company. Champion, Maidenform and Wonderbra are among the other brands under the HanesBrands umbrella.