BofA raised the firm’s price target on Gap (GAP) to $27 from $23 and keeps a Neutral rating on the shares. The firm is raising its FY25 and FY26 estimates by 3% and 14%, respectively, to reflect the Q3 beat and improved gross margin outlook for FY26. While “encouraged” by the positive comps, the firm remains concerned that the lower end customer could be pressured by tariffs, the analyst tells investors.
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