Analysts Weigh In On Gap's Q1 2014 Earnings
Following the release of its first quarter 2014 earnings on Thursday, analysts began to give their opinion on Gap (NYSE: GPS).
Shares of Gap began Friday's session with a few sharp moves before stabilizing just under the open.
CEO Glenn Murphy commented, "After a disappointing start, I'm pleased with how the business performed toward the end of the quarter, especially at Old Navy."
Analysts appear to be mirroring Murphy's sentiment as Topeka Capital Markets reiterated its Buy rating and stated, "We came away from the 1Q call with more confidence that Gap can get back on track to do better this year."
The Topeka analysts continued by expressing that, although Gap has been a "laggard" in the beginning months, they believe that the roll out of its global assortment in August combined with a new marketing campaign will allow Gap to "get its glow back."
Adding to this optimism, Barclays analyst maintained a Overweight rating and expect Gap to post modest positive overall comps and incremental revenue continuing through 2014.
In a contrasting view, Nomura has maintained its Neutral position citing "ongoing challenging compares."
Shares of Gap are trading down less than one percent at $40.65.
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