Piper Jaffray Raises Price Target on Gap, Inc. (GPS) to $23 Following July Sales Release
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Piper Jaffray maintained an Underweight rating on Gap, Inc. (NYSE: GPS), and raised the price target to $23.00 (from $21.00), following the company's July sales release. Management expects 2Q adjusted EPS of $0.58-$0.59.
Analyst Neely Tamminga commented, "We are updating our model to reflect the company's July sales release in which comps of -4% came in below consensus of -1%. Looking ahead, management expects FQ2 adjusted EPS of $0.58-$0.59. We commend the leadership team for maintaining a mantra of operating discipline--chief among them a commitment to tighter inventory levels. That said, given the underperformance in 2015 and into early 2016, we prefer to wait-and-see for improving trends in both sell-throughs and promotional activity before reconsidering our Underweight rating."
Shares of Gap, Inc. closed at $25.62 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Philip Morris Intl (PM) PT Raised to $101 at Jefferies
- Jefferies Raises Price Target on ICON plc (ICLR) to $87.50; Reiterates Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Neely Tamminga
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!