Hanesbrands' (HBI) outgoing chief executive is expected to continue executing the company's strategic initiatives over the next year and leave it in a "better position" to deliver sustainable earnings growth beyond 2025, UBS Securities said in a Friday note.
Hanesbrands said Thursday that Chief Executive Steve Bratspies will step down at the end of 2025, or after a successor in named. On the same day, the company reported fiscal Q4 adjusted earnings of $0.17 per diluted share and $888.5 million in net sales for the quarter.
The clothing company's stock fell after the announcements and UBS attributed the pullback to Bratspies' "unexpected" resignation.
"As much as we are disappointed by the news, we don't see a reason to downgrade HBI now given the stock has already reacted, in our view," UBS said. According to the investment firm, Hanesbrands is likely to need a leader with a "moderately different skill set" for its next chapter.
UBS reiterated a buy rating on Hanesbrands with a price target of $11.
Price: 6.02, Change: -0.23, Percent Change: -3.68
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