Gap price target lowered to $29 from $31 at TD Cowen

TD Cowen lowered the firm’s price target on Gap (GAP) to $29 from $31 and keeps a Buy rating on the shares. The firm believes the market underappreciates the sustainability of Gap and Old Navy brands and the potential turnaround of BR and Athleta could help drive topline growth and margin expansion. Cowen also believes there could be upside to the rest of the year if the consumer backdrop holds.