Gap, Inc. (GPS) PT Raised to $28 at TD Cowen

TD Cowen analyst Jonna Kim raised the price target on Gap, Inc. (NYSE: GPS) to $28.00 (from $24.00) while maintaining a Hold rating.

The analyst commented, "We believe positive comps at BR & Athleta and higher than previously anticipated commodity benefit drove upside in 1Q24. Management introduced 2Q24 guide was above Street which reflects a 1ppt benefit from a calendar shift and raised FY24 guidance. FY24 topline was revised up slightly but the flow through was impressive with EBIT now expected to grow at mid 40% vs. low-to-mid teens prior."

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