The Globe and Mail reports in its Tuesday, Dec. 19, edition that Stifel analyst Martin Landry has turned bearish on Gildan Activewear. The Globe's David Leeder writes that accordingly, Mr. Landry downgraded his call on the stock to "hold" from "buy." Mr. Landry gave his share target a $3 (U.S.) trim to $34 (U.S.). He rated Gildan "buy" in this column on Nov. 3 when it was worth $33.24 (U.S.). Mr. Landry now says he is "moving to the sidelines" until the "drama" on the departure of founder and chief executive officer Glenn Chamandy "abates." Mr. Landry says in a note: "Last week, several shareholders announced publicly their disagreement with the company's decision to terminate Mr. Chamandy. [Sunday], Gildan announced the appointment on Gildan's BOD of Chris Shackelton, managing partner of Coliseum Capital Management and a large shareholder of Gildan, who is in favour of the changes made by the BOD. ... In our view, these events create significant distraction for the BOD. ... This situation creates uncertainty for investors and shareholders, several of which could stay on the sidelines until things get clarified. Hence, Gildan's shares could be range bound near-term, prompting us to change our rating."