Gap (GPS) Numbers Taken Lower at Piper Jaffray

Piper Jaffray analyst Neely Tamminga lowered estimates and her price target on Neutral-rated Gap, Inc. (NYSE: GPS) to $36.00 (from $40.00) following results.

Tamminga commented, "We are updating our model to reflect the company's FQ3 earnings release this afternoon in which management reported EPS of $0.80 but effectively lowered the FQ4 outlook by indicating EPS for the full-year is anticipated to be in the range of $2.73-$2.78. With core Gap brand (38% of sales) struggling the most among the portfolio, we continue to
maintain a Neutral rating on our investment rating. On the call held to discuss results with investors and analysts, outgoing management announced changes in leadership at both core Gap and Banana Republic brands."

The firm cut FY 2014 EPS from $2.84 to $2.78 and FY 2015 EPS from $3.23 to $3.01.

For an analyst ratings summary and ratings history on Gap, Inc. click here. For more ratings news on Gap, Inc. click here.

Shares of Gap, Inc. closed at $40.14 yesterday.

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