Deutsche Bank Upgrades Gap, Inc. (GPS) to Hold
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Deutsche Bank upgraded Gap, Inc. (NYSE: GPS) from Sell to Hold with a price target of $24.00 (from $18.00). The change follows the release of September results.
Analyst Paul Trussell said, "While questions around long-term door count & price competition from fast fashion peers will continue , the setup for GPS is more favorable near to medium term, in our view. With compares easing over the next few months, fit & fashion enhancements, & an improved apparel backdrop that includes cleaner inventories, strength in denim, & a more favorable weather outlook, we are upgrading shares of GPS to Hold from Sell. We believe the consumer's appetite for apparel may be on the verge of increasing following a long cycle of big ticket purchases and while GPS still faces structural challenges, we give credit for increasing focus on door closures, cost cuts, & supply chain."
Shares of Gap, Inc. closed at $22.78 yesterday.
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