Jefferies Upgrades Gap, Inc. (GAP) to Buy

Jefferies analyst Corey Tarlowe upgraded Gap, Inc. (NYSE: GAP) from Hold to Buy with a price target of $30.00 (from $22.00).

The analyst comments: "The key takeaway is that we believe GAP has implemented fundamental changes that should drive improved NT and LT results. YoY Promos are down and ASPs are up at Gap. Old Navy and Gap rolling 3M web traffic, inflected positive QoQ, with ON foot traffic up 4%. Old Navy provides the strongest Value, Purchase Consideration, and Favorability in our group, while BR witnessed MoM Purchase and Favorability improvement. We see an opportunity for GAP to reach $3.00 in EPS by FY'28. See our upgrade note here for more on GAP's LT opportunity. Our 3Q EPS: $0.62 vs Street $0.58."

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 $24.29 yesterday.

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