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Gap Inc (NYSE:GPS) is trading higher Friday after the company reported better-than-expected financial results.
Gap said fourth-quarter revenue increased 2% year-over-year to $4.53 billion, which beat the $4.49 billion estimate. The company reported a quarterly earnings loss of 4 cents per share, which beat the estimate for a loss of 14 cents per share.
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"As our teams address near-term disruption from the acute headwinds that muted our fourth quarter performance, we are confident in our ability to execute against our long-term strategy, capitalizing on our investments in demand-generation, customer loyalty and artificial intelligence to accelerate profitable growth," said Sonia Syngal, CEO of Gap.
Gap expects full year 2022 adjusted earnings to be between $1.85 per share and $2.05 per share versus the estimate of $1.86 per share.
- JPMorgan analyst Matthew Boss maintained Gap with a Neutral rating and raised the price target from $17 to $20.
- Credit Suisse analyst Michael Binetti maintained Gap with a Neutral rating and lowered the price target from $20 to $16.
See Also: Why Smith & Wesson Shares Are Falling Today
GPS Price Action: Gap has traded between $13.12 and $37.63 over a 52-week period.
The stock was up 7.44% at $15.31 at time of publication.
Photo: courtesy of Gap.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.