Gap price target raised to $28 from $25 at Evercore ISI

GAP +8.24%

Evercore ISI raised the firm’s price target on Gap (GAP) to $28 from $25 and keeps an Outperform rating on the shares. Q3 results that “surprised on the upside” with stronger-than-expected same-store sales and gross margin improvements signal a shift from “fixing fundamentals to a more aggressive growth strategy,” the analyst tells investors. Q4 guidance the firm views as “conservative” sets the stage for potential outperformance, the analyst added.

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