Gap price target raised to $14 from $8 at BMO Capital

BMO Capital analyst Simeon Siegel raised the firm’s price target on Gap to $14 from $8 and keeps a Market Perform rating on the shares. The company’s all-around Q3 beat featured better gross margins benefiting from commodity and freight tailwinds, better inventory position, and easy compares, the analyst tells investors in a research note. Gap’s month-to-date sales trend improvement is also encouraging when many other retailers have indicated some softness, the firm added.