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Takeaway: We are adding GIL to the long side of Investing Ideas today.

Below is a note written by CEO Keith McCullough on why we're adding Gildan Activewear (GIL) to the long side of Investing Ideas today:

With one of our least liked US Equity Sectors (Retail, XRT) getting pounded (again) today, under-performing fund managers are selling some of their recent winners towards the low-end of the @Hedgeye Risk Range. That presents a buying opportunity (as opposed to chasing higher on the 2-3 day bounce).

One of our Best Idea Longs (Institutional Research product) that's been working for Brian McGough as of late is Gildan Activewear (GIL).

Here's an excerpt of a recent quarterly recap note Brian and his team sent to Institutional Investors:

"Our Best Idea Long side just got better. Slight headline beat – but that’s not what I care about right now. Gildan announced that it is launching a major expansion in manufacturing capacity in Bangladesh. The crux of our thesis is that new capacity brought on in June will be filled faster and more profitably than the company is guiding or the consensus is modeling."

Buy on red,

KM