Wedbush Maintains Neutral Rating and $18 PT on Gap

A report from Wedbush reiterates its Neutral rating and $18 price target on Gap (NYSE: GPS).

The report states, “GPS reported November comps of (5)%, inline with our and consensus estimate of (4-6)%, highlighting continued product challenges and the company's struggles to maintain sales momentum. Similar to trends witnessed during the Black Friday weekend, we note that heavy markdowns and incremental promotions no longer excite consumers, who are trained to shop for discounts, as stores lack brand-appropriate product, particularly in women's categories.”

GPS closed yesterday at $18.81.