Citi ups Gap target, opens ‘positive catalyst watch’ into earnings

Citi analyst Paul Lejuez raised the firm’s price target on Gap to $11 from $9 and keeps a Neutral rating on the shares. The analyst also opened a “30-day positive catalyst watch” on the shares into the Q2 report. The firm expects a Q2 beat driving by gross margin and sees negative sentiment on the stock into the print. With sentiment “seemingly very negative,” Gap’s risk/reward is favorable into the Q2 report, the analyst tells investors in a research note.