Citigroup Inc. Increases Hanesbrands Price Target to $63.00 (HBI)

Research analysts at Citigroup Inc. increased their target price on shares of Hanesbrands (NYSE:HBI) from $60.00 to $63.00 in a report released on Thursday, Stock Ratings Network reports. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s price objective indicates a potential upside of 5.95% from the company’s current price.

The analysts wrote, “HBI reported Q2’13 EPS of $1.19, well above our estimate of $0.95 and consensus of $0.92 on stronger gross & operating margins. Mgmt also raised FY13 EPS guidance to $3.50-$3.65 (from $3.25-$3.40 previously) on stronger margins (of ~12.4%, up from ~11.4% prior), though revenues are now expected to be slightly lower (+0.5% y/y, down from +1.6%) due to a continued choppy retail environment & stronger-than-expected F/X headwinds.”

Several other analysts have also recently commented on the stock. Analysts at BB&T Corp. raised their price target on shares of Hanesbrands to $65.00 in a research note to investors on Thursday, July 25th. They now have a “buy” rating on the stock. Separately, analysts at ISI Group upgraded shares of Hanesbrands from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, July 25th. They now have a $70.00 price target on the stock, up previously from $55.00. Finally, analysts at CL King downgraded shares of Hanesbrands from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, June 20th.

One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $57.30.

Shares of Hanesbrands (NYSE:HBI) traded up 5.79% during mid-day trading on Thursday, hitting $62.90. Hanesbrands has a 52 week low of $30.50 and a 52 week high of $59.99. The stock’s 50-day moving average is currently $52.98. The company has a market cap of $6.198 billion and a P/E ratio of 24.63.

Hanesbrands (NYSE:HBI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.19 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.94 by $0.25. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. Hanesbrands has set its FY13 guidance at $3.50-3.65 EPS. On average, analysts predict that Hanesbrands will post $3.46 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 3rd. Investors of record on Tuesday, August 13th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Friday, August 9th.

Hanesbrands Inc is a consumer goods company with a portfolio of apparel brands, including Hanes, Champion, Bali, Playtex, Just My Size, L’eggs, barely there, Wonderbra, Gear for Sports, Stedman, Zorba, Rinbros, Sol y Oro, Outer Banks and Duofold.

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