Gap price target raised to $22 from $17 at Evercore ISI

Evercore ISI raised the firm’s price target on Gap to $22 from $17 and keeps an Outperform rating on the shares. The company’s “huge” Q3 EPS beat “showcased the first step in several of the underpinnings from our recent initiation with GPS as a top pick,” the analyst tells investors. While expectations were clearly rising into the print, the firm thinks investors can still be confident that numbers can continue to be reset higher, says the analyst, who is raising the firm’s FY23, FY24 and FY25 estimates “significantly.”