Piper Jaffray Raises Price Target on Gap, Inc. (GPS) to $23 Following July Sales Release
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Neely Tamminga
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