UPDATE: Citigroup Raises PT to $31 on Gap

Citigroup increases its price target $2 to $31 on Buy-rated Gap

as it sees upside of 25 percent once product and market strategies take hold. Citigroup says, "We met with Gap management and came away with increased conviction that a long-awaited turn in the business is taking hold. The product team at Gap is executing with some wins in women's outside denim. At Old Navy, modest alterations to the brand's marketing is driving improvement ahead of more meaningful change set for April and May. It's tempting to view the recent move as a missed opportunity – but we think another 25% of stock price appreciation is possible NT as the myriad of changes to the organization drive an earnings model with greater leverage." GPS closed at $25.39 a share on Friday.