The Globe and Mail reports in its Tuesday, Oct. 21, edition that Citi analyst Paul Lejuez has downgraded his recommendation for Gildan Activewear to "neutral" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Lejuez hiked his share target to $63 from $60 (all figures U.S.). Analysts on average target the shares at $70.88. Mr. Lejuez says in a note: "Gildan is up 30 per cent year-to-date and 20 per cent since the HBI [HanesBrands Inc.] deal came to fruition. We believe the market is now pricing in a successful close to the deal, seamless integration and synergies that are at least as much as what management indicated ($200-million). If we assume a combined company EBIT margin of 21.6 per cent in F28, essentially closing the F25 margin gap between HBI (13.8 per cent) and Gildan (21.8 per cent), driven entirely by $200-million in synergies (by F28), this implies an updated target price of $63. ... While this still implies some upside versus current levels, we view the risk/reward as more balanced. ... The upside risk is that Gildan is able to find far more synergies than what the market prices in, with downside risk that the integration doesn't go as smoothly as hoped (or business slows)."