Deutsche Bank's Retail Pro Talks Gap As Stock Hits New 52-Week Lows

Shares of Gap Inc GPS hit a new 52-week low of $18.98 on Tuesday and was trading lower by more than 12 percent after the company reported a 7 percent decline in its same-store sales for the month of April.

Total sales for April also declined to $1.12 billion from $1.21 billion a year ago.

Speaking to CNBC on Tuesday, Deutsche Bank's retail analyst Paul Trussell said Gap has "very specific company issues." The analyst continued that it's "over-stored" and "mis-priced" compared to its retailer peers.

Trussell added that at this point in time there is "difficulty to have visibility on where the turning parts and catalysts are." As such, the analyst is looking forward to any commentary Gap's management offers on strategic initiatives when it reports its earnings.

Trussell did acknowledge he has a "downbeat view" of the upcoming department store and specialty retailer earnings releases. He noted that April was cooler than normal and apparel purchases are ranking "lower on the totem pole" in terms of where consumers are allocating their spending dollars.

Finally, Trussell reiterated his Sell rating and $17 price target because any initiatives at Gap may be "too late" and "too little."

"From our standpoint, we don't see a near-term turnaround," the analyst concluded.