Apparel company Hanesbrands Inc. (HBI) issued its fourth quarter outlook below expectations, disappointing investors. The company expects adjusted EPS of 4 cents to 11 cents, below the FactSet consensus of 21 cents, and expects sales of $1.40 billion to $1.45 billion, below expectations of $1.60 billion.
Moreover, several analysts have downgraded the stock in the recent past. Wells Fargo analysts downgraded the stock from an “overweight” to an “underweight” rating. Moreover, Credit Suisse Group cut their target price on HBI from $15.00 to $13.00, while Citigroup lowered their price target from $14.00 to $11.00.
