KeyBanc Upgrades Gap, Inc. (GPS) to Overweight on New Product Improvements
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Rating Summary:
11 Buy, 24 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 17
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KeyBanc upgraded Gap, Inc. (NYSE: GPS) from Sector Weight to Overweight with a price target of $36. Analyst Edward Yruma thinks new product, a more benign FX environment and better overall apparel demand could drive an inflection.
"Early commentary from the February comp call was positive, and we believe that the new product more closely hews to Gap’s American casual aesthetic," said Yruma. "Also, Gap seems to be less promotional and, in some cases, is now excluding product from promotions. Gap is working to improve the fit and quality of its product."
"We acknowledge the difficulty of NT comp comparisons at ON (+14% in March), but believe that the targeted middle-income customer base is a buy now/wear now customer. As such, better weather should drive better results at Old Navy," added the analyst.
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 $29.46 yesterday.
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