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Last time I visited Hanesbrands (HBI) on May 11 in my Dividend Portfolio it was down 37.66% from my February 21 pick. But it was worth holding on, I argued, for the hefty 6.69% dividend and an eventual turn in the share price.

Well, today, July 14, the shares yield only 5.24% after a three-month run that has taken the share price up 24.17%. The latest bump came today, a 9.51% gain to the close on an analyst upgrade to outperform from neutral. I think the shares, which closed at $12.55 today, are still undervalued by at least 25%. The 52-week range is from $6.96 to $17.09. My Dividend Portfolio position still shows a 13.55% loss from February 21, 2020.

The upgrade today came on what Credit Suisse analyst Michael Binetti sees as a pick up in orders as some retailers have reopened or are seeing an uptick in sales. Retailers, Binetti said, are asking Hanesbrands for more inventory. And, his research says, the company has gained shelf space. The Wall Street consensus, which sees 2021 sales at 11% below the 2019 level, is too pessimistic, he believes. (That forecast calls for the second-largest drop in revenue for any company in the apparel group.)

Hanesbrands is scheduled to report earnings on July 30.