Gap price target raised to $21 from $17 at Citi

Citi analyst Paul Lejuez raised the firm’s price target on Gap to $21 from $17 and keeps a Neutral rating on the shares. The analyst cites a stronger margin outlook in fiscal 2024 for the target raise. With other retailers reporting a “well-controlled” promotional environment this holiday season, Citi is more confident in Gap’s margin recapture story in Q4 and fiscal 2024, the analyst tells investors in a research note.