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- Analysts lowered the price target on Gap Inc (NYSE: GPS) following the company's CEO change and dim outlook.
- Wells Fargo analyst Ike Boruchow downgraded from Overweight to Equal-Weight and lowered the price target to $10 from $16 (20% upside).
- The analyst said he could not recommend a company that is struggling to handle company-specific challenges in addition to growing macro-economic pressures.
- The analyst noted Gap's fundamentals are deteriorating far worse than expected.
- Related: Gap CEO Sonia Syngal Steps Down; Company Anticipates Dim Q2 Outlook
- Morgan Stanley analyst Kimberley Greenberger lowered the price target to $7.5 (10% downside) from $8 and kept an Underweight rating on the shares.
- Credit Suisse analyst Michael Binetti lowered the price target to $8 (4% downside) from $10 and kept a Neutral rating on the shares.
- Telsey Advisory Group analyst Dana Telsey maintained Gap with a Market Perform and lowered the price target from $13 to $10.
- Barclays analyst Betsy Graseck maintained the Underweight rating and reduced the price target from $7 to $6 (28% downside).
- BofA analyst Lorraine Hutchinson maintained Gap with an Underperform and lowered the price target from $9.6 to $8.
- Price Action: GPS shares are trading lower by 4.79% at $8.34 on the last check Tuesday.
- Photo Via Wikimedia Commons
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