Gap price target raised to $17 from $11 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Gap to $17 from $11 and keeps a Market Perform rating on the shares following what the firm calls “a solid beat in the third quarter.” While the Old Navy improvement and Gap brand stabilization are “encouraging,” the consumer macro-outlook remains uncertain and the Athleta and Banana Republic turnaround timelines have been extended, leading the firm to maintain its Market Perform rating.