Sock and underwear maker Hanesbrands could fall more than 30% as it faces several major business challenges, Wells Fargo said in a double downgrade of the stock. Hanesbrands shares, which are already down by more than 50% this year, could now face still more pressure as it deals with higher cotton and logistics costs, as well as lower demand in the spring season. Hanesbrands is also at risk of breaching its leverage ratio debt covenants, Wells Fargo said. As a result, Hanesbrands may have to refinance its debt next year as it deals with rising interest rates, according to the note. That puts the company's dividend, currently yielding an above average 8.2%, in jeopardy, Wells Fargo said.

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