Analyst Round-Up: 6 Downgrades on Gildan Activewear (GIL)

Following the company's Q1 results last night, Gildan Activewear (NYSE: GIL) is seeing substantial analyst attention this morning:

• Raymond James downgraded the stock from Strong Buy to Outperform.
  
• RBC Capital downgraded Gildan from Outperform to Sector Perform, also slashing its price target from $15 to $12.
  
• BB&T Capital cut its investment rating on Gildan from Hold to Underweight.
  
• analysts at Macquarie moved the stock from Neutral to Underperform, also reducing their price target from $11 to $8.
  
• Paradigm downgraded Gildan from Buy to Hold.
  
• Scotia cut the stock from Sector Perform to Sector Underperform.
  
• BMO Capital lowered its price target on Gildan from $14.50 to $12 while maintaining its prior investment rating.

Shares of Gildan are currently down 19%, or $1.95, to $8.26. While the quarterly report was certainly not pretty (the company also suspended guidance), today's slide is definitely being intensified by so much negative analyst commentary.

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