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UPDATE: Piper Jaffray Upgrades Gap; Raises PT

According to a research report published this morning, Piper Jaffray has upgraded The Gap (NYSE: GPS) from Neutral to Overweight, and has increased PT from $27 to $34.

In the report, Piper Jaffray said, β€œOn the heels of 23rd Semi-Annual Taking Stock With Teens Survey, we are upgrading shares of GPS from Neutral to Overweight as we believe Gap Inc. will disproportionately benefit from an emerging multi-year apparel cycle. Our Spring 2012 survey reflects a significant improvement in fashion spending and spending expectations across all income levels and genders. Spending on fashion was up double-digits for both upper- and average-income teens, the first time since 2003-2004. GPS-specific potential catalysts include: 1) improved recent product flows given centralization of Global Creative Office; 2) refined focus on marketing; 3) gross margin recovery fueled by abating product costs; and 4) a strong balance sheet.”

The Gap closed yesterday at $26.44.

Posted-In: Piper JaffrayAnalyst Color Upgrades Price Target Analyst Ratings

 

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