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Casual apparel retailer Hanesbrands could see a long-awaited turnaround, according to UBS. Analyst Jay Sole lifted his price target by $1.50 to $6.50, which implies just 3.3% potential upside for shares. The company's stock price has declined roughly 75% since March 2015, compared to the S & P 500 's 170% gain, he pointed out. This year, Hanesbrands is up more than 48%. Shares jumped 6% on Tuesday, reaching a 52-week high.

'Following our meeting with management we believe HBI has an opportunity to flip the narrative around the stock for the first time in many years. This scenario is contemplated in our upside case,' Sole said in a Tuesday note. 'However, our rating remains Neutral. We want to see more evidence HBI can execute its strategy before considering recommending the stock.

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