Telsey Advisory analyst Dana Telsey upgraded Gap (GAP) to Outperform from Market Perform with a price target of $32, up from $26. Looking at 2026, tariffs are not expected to cause a further operating income decline on an annual basis at Gap, with meaningful benefits from mitigation efforts beginning in Q2 and continuing through the rest of 2026, the analyst tells investors in a year-ahead note for the retail space.
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