Wedbush Maintains Neutral Rating and $18 PT on Gap

A report from Wedbush reiterates its Neutral rating and $18 price target on Gap

. The report states, “We look for November comps of (4-6)%, generally inline with consensus estimates of (4.3)% as our checks indicate traffic and conversion remain muted throughout the month. Similar to October, we note that heavy markdowns and incremental discounting was relatively ineffective as the retailer continues to struggle driving customers to stores, given the lack of trend-right product and fashion misses.” GPS closed yesterday at $17.99.