03:33 PM EDT, 07/29/2024 (MT Newswires) -- Gildan Activewear's ( GIL ) Q2 results are expected to be a "low volatility event," and a "lackluster macro environment" limits prospects for an increase in 2024 guidance, UBS Securities said Monday in a report.

The company is expected to maintain its 2024 earnings outlook of $2.92 to $3.07 a share, compared with the current consensus forecast of $2.94, UBS said.

UBS lowered its Q2 earnings forecast for Gildan to $0.71 a share, in line with the consensus estimate, from $0.72 as weak industry data reduced the revenue growth forecast 2% from 4% Results are due Thursday.

Based on analysis of Amazon store data, the company continues to be a market leader but has lost some share in the US men's T-shirt and tank category, UBS said.

Gildan trails competitors such as Hanes, Fruit of the Loom and Calvin Klein in men's underwear and socks, though its market share remains steady in the category, UBS said.

UBS has a neutral rating on Gildan with a price target of $37.

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