Baird upgraded Gap (GAP) to Outperform from Neutral with a price target of $33, up from $27. The firm cites the company’s turnaround momentum and cyclical tailwinds for the upgrade. With expectations for a better spending backdrop, greater exposure to fashion names with “higher earnings torque is warranted,” the analyst tells investors in a research note. The firm believes Gap’s turnaround remains in the early-to-mid stages with momentum at Gap and Old Navy.
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