Gap price target lowered to $26 from $28 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Gap (GAP) to $26 from $28 and keeps a Buy rating on the shares. The firm updated its estimates for the U.S. apparel and softlines sector to reflect prevailing tariff rates – including 30% for China; 20% for Vietnam; 19% for Indonesia and 10% for the rest of the world – and adjusted its price targets accordingly. Overall for the group, the firm remains constructive on the resiliency of the consumer and does not see meaningful downside risk to sales estimates this quarter, but sees several risk factors “worth watching.”