Cowen Reiterates Market Perform on Gap, Inc. (GPS) Flowing 2Q Report

August 19, 2016 7:36 AM EDT
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Price: $23.97 -0.75%

Rating Summary:
    8 Buy, 25 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Cowen reiterated a Market Perform rating and $25.00 price target on Gap, Inc. (NYSE: GPS) following the company's 2Q earnings report. GPS reported adjusted EPS of $0.60 vs. the Street at $0.59 and management's guidance of $0.58-$0.59. Management updated their FY16 EPS guide and is now expecting adjusted EPS to be in the range of $1.87-$1.92, down from prior of ~$1.92.

Analyst Oliver Chen commented, "GPS 2Q Adj. EPS beat driven largely by gross margin (flat vs. Cowen est. -140bp). Also, we're encouraged that ON rebounded in 2Q and 2H seems promising. However, guide adjustment assumes likelihood that traffic remains inconsistent, & both Gap and especially BR continue to struggle to find favor with consumers. Activewear could be a growth driver over the long-term."

For an analyst ratings summary and ratings history on Gap, Inc. click here. For more ratings news on Gap, Inc. click here.

Shares of Gap, Inc. closed at $25.88 yesterday.

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