Shares of Hanesbrands (HBI) are soaring 5.05% during Friday's intraday trading session, following a bullish update from UBS. The investment bank has raised its price target on the apparel manufacturer's stock from $8 to $9, while maintaining a Buy rating.
The upward revision in the price target appears to be the primary catalyst for today's significant stock movement. UBS's new target suggests considerable upside potential from Hanesbrands' current trading levels, bolstering investor confidence in the company's future prospects.
Despite UBS's optimistic outlook, it's worth noting that the overall analyst consensus on Hanesbrands remains mixed. According to FactSet, the average rating for HBI stock is "hold," with a mean price target of $5.08. This discrepancy between UBS's target and the consensus figure highlights the varied perspectives on Hanesbrands' future performance among Wall Street analysts.