Barclays lowered the firm’s price target on Gap to $11 from $13 and keeps an Equal Weight rating on the shares. The company’s Q4 results disappointed, with a miss on comp, the analyst tells investors in a research note. The firm says that while Gap’s inventory "is cleaner," it expects material sales deleverage on negative comp sales in 2023.
Published first on TheFly
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- Mixed Q4 Results Pull Down Gap (NYSE:GPS) Stock
- Gap sees FY23 revenue in low to mid-single digit range, consensus $15.74B
- Gap sees Q1 revenue down in mid-single digit range, consensus $3.51B
- Gap chief people officer Peters to leave at end of the year
- Gap announces more actions estimated to result in $300M in annualized savings
