Gildan (GIL) Continues Lower as Numerous Analysts Cut Price Target

Shares of Gildan Activewear (NYSE: GIL) are continuing lower today following a 35% decline yesterday on a Q4 earnings miss and weak Q1 and FY09 guidance. The stock is currently down 4.8% to $8.75.

Gildan may be seeing further downside today as we have seen several analysts cut their price targets on the stock this morning.

• BMO Capital cut its price target on Gildan from $34.50 to $14.50
  
• Raymond James moved its target from $35 to $15, and
  
• RBC Capital lowered its target from $26 to $15

Gildan Activewear Inc. supplies activewear for the wholesale imprinted sportswear market in the United States and Canada, as well as in Europe.

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