Shares of Hanesbrands (HBI) - Get Hanesbrands Inc. (HBI) Report are lower by 3.84% to $20.56 in mid-morning trading on Monday, following a rating downgrade to "equal weight" from "overweight" at Morgan Stanley.

Morgan Stanley reduced its rating on the stock as industry data shows sales in the underwear category have slowed across the sector. The firm sees the company as having to increase its marketing spend in order to maintain share.

The firm has cut its price target on the retailer to $22 from $33.

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