Mizuho Securities Upgrades Gap, Inc. (GPS) to Neutral
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Mizuho Securities upgraded Gap, Inc. (NYSE: GPS) from Underperform to Neutral with a price target of $24.00 (from $17.00).
Analyst Betty Chen commented, "We are upgrading shares of GPS to Neutral from Underperform and raising estimates and PT to $24 (from $17) as we expect: 1) easy 4Q compares; 2) favorable AUC & leaner inventories; 3) translation benefit from Yen; and 4) stringent cost controls to deliver EPS at least in-line with consensus. While we view July’s comp miss as evidence of the long road ahead in re-establishing GPS’ three main concepts as “go to” destinations, we believe the removal of FY16 EPS risks and signs of comps inflecting will enable multiple expansion."
Shares of Gap, Inc. closed at $25.62 yesterday.
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