TD Cowen lowered the firm’s price target on Gap (GAP) to $26 from $32 and keeps a Buy rating on the shares. The firm updated targets in the specialty retail group as part of a Q1 preview. Sector valuations have compressed on concerns around high inflation and weaker consumer spend, the analyst tells investors in a research note. TD thinks most of the “bad” news could be priced in, but adds that any negative commentary on quarter-to-date trends could send stocks lower.
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