UBS Evidence Lab Survey Shows Hanesbrands (HBI) Could Benefit From Improved Champion Brand Awareness
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UBS analyst Jay Sole reiterated a Neutral rating and $23.00 price target on Hanesbrands (NYSE: HBI) after an Evidence Lab survey revealed HBI's Champion brand has solid brand awareness and room to improve brand relevance.
The analyst stated "We continue to see a healthy upside case where new HBI CEO Steve Bratspies' plan to accelerate Champion's growth drives stock price outperformance. At the same time, the survey also suggests Champion is not yet in the upper echelon of athletic apparel brands such as Nike, Adidas, Lululemon, and Under Armour. While Champion may become an exceptional growth vehicle for HBI over time, we model just M-HSD% post-pandemic annual EPS growth for the total company. We think this is generally in-line with the market's view."
Shares of Hanesbrands closed at $16.38 yesterday.
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