Wedbush Comments On Slowdown Through July At The Gap

Wedbush Securities has published a research report on The Gap

after the company witnessed a slowdown in July traffic. In the report, Wedbush writes, "[O]ur checks indicate continued weakness as we look for August comps of (3-5)%, inline with consensus estimates of (4.1)% and July's pace. As the company maintains its promotional stance, we believe consumer response continues to be mixed towards the lack of trend-right merchandise, particularly in the struggling women's category at Gap." Wedbush maintains its Neutral rating and $17 price target on The Gap, which closed Friday at $16.28.