Gap price target raised to $22 from $17 at Telsey Advisory

Telsey Advisory analyst Dana Telsey raised the firm’s price target on Gap to $22 from $17 and keeps a Market Perform rating on the shares. The company’s Q4 EPS beat consensus, which was primarily driven by gross margin improvement, the analyst tells investors. While initial reads on Old Navy and Gap improvements are encouraging, the consumer macro-outlook remains concerning, the firm adds.