Hanesbrands Inc. has been upgraded to buy from neutral at Nomura. Analysts raised their price target to $35 from $30. Acquisitions they’ve made in the past few years have set them on a path for growth, according to analysts. The company has made three acquisitions in the past three years, two of which, DBApparel and Knights Apparel, have international growth prospects, the bank said in a note published Monday. Before any new acquisitions, analysts said there are about 25 cents per share in “yet-to-be-realized” synergies. Nomura estimates that Hanesbrands pays an interest rate of about 4%, including $1 billion in 6.375% notes, but could refinance that in order to drive savings between 3 cents per share and 5 cents per share. Hanesbrands shares are up 2% in premarket trading and 4% for the past 12 months. The S&P is down 6% for the same period.
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