Wedbush Maintains an Outperform Rating on The Gap, Inc. (GPS); Raises 2009-10 Estimates
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Wedbush maintains an Outperform rating on The Gap, Inc. (NYSE: GPS), price targe $25,
Wedbush analyst says, "We continue to believe GPS is at an inflection point of a product-led turnaround that could drive significant earnings recovery as evidenced by stabilizing/improving traffic trends and accelerating comp store sales results at Gap and Old Navy in Q3 and expectations for an improved holiday product offering in Q4. We are also encouraged by the significant merchandise margin gains reflected in solid Q3 results with expectations for continued gains in Q4 partially driven by improved full-priced selling which could prove our estimates conservative. Further, we believe solid FCF generation and an announced additional ~$500 million share repurchase could provide downside protection and as such, maintain our OUTPERFORM rating...We are increasing our Q4 EPS estimate to $0.45 from $0.42 prior given our expectations for continued merchandise margin gains on what we believe to be an improved holiday product offering. We are increasing our F09 and F10 EPS estimates to $1.53 and $1.63 from $1.49 and $1.59 prior, respectively."
To see all the upgrades/downgrades on shares of GPS, visit our Analyst Ratings page.
The Gap, Inc., through its subsidiaries, operates as a specialty retailing company.
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