As higher cotton prices have caused Hanesbrands shares to sell off, the underwear maker has become a "whipping boy" for those who think cotton prices will significantly affect profits, said analyst Doug Thomas on Thursday.

The Winston-Salem, N.C.-based company , however, recently gave guidance that suggests it will be able to pass higher costs onto consumers, the JET Investment Research analyst noted. It is also hedged for rising cotton prices through October 2011, he said.