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

May 31, 2024 7:14 AM
(Updated - May 31, 2024 7:19 AM EDT)

Baird analyst Mark Altschwager raised the price target on Gap, Inc. (NYSE: GPS) to $28.00 (from $23.00) while maintaining a Neutral rating.

The analyst commented: "Gap once again delivered a sizeable margin/earnings beat, with margins normalizing back to pre-COVID levels amid cost/promo recapture, benefits from major expense/organizational efficiency efforts, and, notably, comp contribution from each brand. Sustainability is the key question…and visibility is murky with a tough macro and portfolio in various stages of “re-invigoration”. Still, we’re encouraged by steady execution in recent quarters and new leadership. Our new $28 price target anchors on $2.00 EPS in F2025 (has been an upside scenario, now looking more within reach)."

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