Barclays analyst Adrienne Yih raised the firm’s price target on Gap (GPS) to $16 from $13 and keeps an Overweight rating on the shares. The firm’s channel checks are “particularly strong” at Gap and Urban Outfitters (URBN), the analyst said. Q3 is the retail sector’s positive inflection point from “Deeper” to “Flat” that the firm has been waiting for, as evidence the “fixed” inventory in Q2 is stabilizing promotional activity and setting the stage for improved merchandise margins, the analyst tells investors.
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