JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Gildan Activewear Inc’s stock reached an all-time high of 55.5 USD, highlighting a strong performance for the $8.25 billion market cap company. This milestone underscores a significant upward trend, with its stock price appreciating by 32.04% over the last 12 months. According to InvestingPro data, the company trades at a P/E ratio of 15.5x and has demonstrated solid revenue growth of 4.12% in the past year. The company’s strategic initiatives and robust financial performance have likely contributed to this remarkable growth, with management actively buying back shares and maintaining a GOOD financial health score. Investors are closely watching to see if this momentum will continue to drive the stock to new heights, with analyst targets reaching up to $75. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of Gildan’s potential.
In other recent news, Gildan Activewear has announced a definitive merger agreement to acquire HanesBrands in a transaction valued at approximately $4.4 billion. HanesBrands shareholders will receive 0.102 common shares of Gildan and $0.80 in cash for each share of HanesBrands common stock. This acquisition deal represents a premium of about 24% to HanesBrands’ closing price on August 11. Gildan also reported strong second-quarter results with earnings per share of $0.97, surpassing last year’s $0.74 and exceeding consensus estimates by $0.01. The company’s revenue reached $919 million, surpassing estimates by $13 million and improving from the previous year’s $862 million.
RBC Capital has initiated coverage on Gildan Activewear with an Outperform rating and a price target of $61, citing strong business execution. CFRA raised its price target for Gildan to C$76, maintaining a Hold rating due to the company’s strong second-quarter performance. Barclays also increased its price target to $56 while maintaining an Overweight rating following the company’s slightly better-than-expected quarterly results. Meanwhile, Scotiabank reinstated coverage with a Sector Outperform rating and a price target of $55, highlighting Gildan’s high margins and advantageous supply chain amidst challenging industry conditions.
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