The Globe and Mail reports in its Tuesday, Oct. 24, edition that Stifel analyst Martin Landry has reaffirmed his "buy" recommendation for Gildan Activewear. The Globe's David Leeder writes that Mr. Landry cut his share target back by $3 to $34 (all figures U.S.). Analysts on average target the shares at $36.62. Mr. Landry thinks Gildan Activewear has a "good set-up for 2024 with lower cotton costs, which could results in a potential mid-teen earnings per share growth rate." Mr. Landry reduced his 2024 earnings-per-share estimate by 11 per cent, warning it is "increasingly clear" that the Montreal-based company will be impacted by the implementation of the Organization for Economic Co-operation and Development's global minimum tax rules starting in the first quarter. Mr. Landry says in a note: "We expect Gildan's Q3/23 revenues to decline by 2 per cent year-over-year, to $833-million, driven by a 5-per-cent decline year-over-year in activewear sales as trade down patterns continue. We model an increase of 22 per cent year-over-year in hosiery/underwear sales on new program wins in underwear and to reflect an easy comparable period. ... Cotton costs are expected to be neutral on a year-over-year basis."