Gap price target raised to $24 from $22 at Evercore ISI

Evercore ISI raised the firm’s price target on Gap to $24 from $22 and keeps an Outperform rating on the shares. While Gap “put up a strong quarter” and guidance for the year is above Street view, the firm thinks “the stock expected more,” the analyst tells investors. Following the report, Evercore raised its FY24 EPS estimate to $1.50 from $1.35, the analyst noted, calling the company’s FY24 guidance “conservative but embraceable.”