Gap price target raised to $15 from $10 at TD Cowen

TD Cowen raised the firm’s price target on Gap to $15 from $10 and keeps a Market Perform rating on the shares. The firm its results showed improvement but the firm will contniue to monitor its progress. Cowen said better than expected margins and positive comps at Old Navy were key positives, but they remain on the sidelines as management continues to turn around Athleta and stabilize Gap and BR. The fac that November is trending better than 3Q is encouraging, but holiday performance is a key factor to monitor as consumer sentiment remains cautious amid macro pressure.