Stifel Trims Ests on Gap (GPS) Following Weaker-than-Expected Sept. Sales Results
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Rating Summary:
11 Buy, 24 Hold, 5 Sell
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Up: 11 | Down: 12 | New: 13
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Stifel affirms its Buy rating and $40 price target on retailer Gap, Inc. (NYSE: GPS) following sales results for September.
Analyst Richard Jaffe noted that Gap's September comparable-store sales decline of 1 percent was slightly below the firm's estimate, due largely to weakness at Banana Republic being offset by Old Navy. The analyst commented, Although Old Navy comped positively, management indicated that sales were below plan and inventory levels are elevated. This will result in gross margin erosion during 3Q as the company plans to clear heightened levels in advance of Holiday selling.
Following the results, Stifel is lowering its Q3 and FY15 EPS outlook from $0.78 and $2.75 down to $0.66 and $2.64, respectively.
For an analyst ratings summary and ratings history on Gap, Inc. click here. For more ratings news on Gap, Inc. click here.
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