As previously reported, Wells Fargo upgraded Gap (GAP) to Overweight from Equal Weight with a price target of $30, up from $24. The firm cites core Gap and Old Navy acceleration, and strong repeal optionality. Discussing the sector, Wells notes that while it continues to see a winners/losers setup, bigger picture, the firm leans more positive on the space entering 2026 due to better-than-feared early holiday reads, benefits from tax reform, and optionality on tariff repeal/refund. Gap is among Wells’ favorite long ideas.
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