Telsey Advisory analyst Dana Telsey lowered the firm’s price target on Gap (GAP) to $24 from $26 and keeps a Market Perform rating on the shares. The company’s Q2 results reflect continued progress in re-establishing its brands, the analyst tells investors. The firm is encouraged by the positive comps across Gap and Old Navy and believes their relevancy should continue to increase through the back half of the year. However, the firm notes that amid the uncertain macro environment, visibility in long-term profitability remains challenging.
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