Hanesbrands Inc. /zigman2/quotes/200637580/composite HBI +0.13% shares rose 5.6% in Wednesday premarket trading after it was upgraded to strong buy from market perform at Raymond James based on its distribution at major retailers and the potential market share gains from Victoria's Secret store closures. Raymond James has a $20 price target on Hanesbrands. Analysts list a number of company advantages, including its strong brands, which include Hanes and Playtex, and the scale of the business. Hanesbrands also rings up 25% of its sales at Walmart Inc. /zigman2/quotes/207374728/composite WMT +1.30% and Target Corp. /zigman2/quotes/207799045/composite TGT +2.19% . "[B]oth are trading near all time high valuation levels which indicates that the market believes they are retail winners and that likely implies their largest vendor partners should also be winners," Raymond James said. Walmart closed Tuesday at $132.01, up 11.1% for the year to date, while Target closed at $120.08, down 6.3% for 2020 so far. L Brands Inc. /zigman2/quotes/202062875/composite LB +0.26% , Victoria's Secret's parent company, announced earlier this year that 250 of those stores will close across the U.S. and Canada. Raymond James thinks this will benefit Hanesbrands and its portfolio of intimates brands. And Hanesbrands' Champion label, which had been sold at Target, has a deal with Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +2.65% . Analysts says sales could ramp up as online shopping soars during the coronavirus pandemic. Hanesbrands stock is down 15.5% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.40% has slipped 1% for the period.