Gap price target lowered to $30 from $33 at Citi

Citi analyst Paul Lejuez lowered the firm’s price target on Gap (GAP) to $30 from $33 and keeps a Buy rating on the shares. The company’s Q1 earnings beat, driven by stronger sales and lower spending, and Gap brand comps of up 5% were solid, but disappointed high expectations, the analyst tells investors in a research note. Citi expects Gap “to be in the penalty box near-term” on the Gap brand falling short of expectations and its tariff guidance, but believes the stock’s risk/reward is “especially attractive” on the weakness.