Evercore ISI raised the firm’s price target on Gap (GAP) to $28 from $25 and keeps an Outperform rating on the shares. Q3 results that “surprised on the upside” with stronger-than-expected same-store sales and gross margin improvements signal a shift from “fixing fundamentals to a more aggressive growth strategy,” the analyst tells investors. Q4 guidance the firm views as “conservative” sets the stage for potential outperformance, the analyst added.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GAP:
- Gap price target raised to $29 from $26 at Goldman Sachs
- Gap price target raised to $26 from $25 at UBS
- Gap price target raised to $31 from $30 at Morgan Stanley
- Gap price target raised to $36 from $32 at JPMorgan
- Gap Inc’s Strong Performance and Strategic Initiatives Justify Buy Rating with $29 Price Target