Gap price target raised to $33 from $32 at Evercore ISI

Evercore ISI analyst Michael Binetti raised the firm’s price target on Gap (GAP) to $33 from $32 and keeps an Outperform rating on the shares after the company “solidly beat” expectations in Q3 and raised its Q4 guidance. The firm thinks warm weather probably contributed more than 100 basis points of a drag on Old Navy and that Q4 trends should improve sequentially with “visible conservatism” built into the top and bottom lines for the holiday quarter, the analyst tells investors.