Gap price target raised to $9 from $8.50 at BofA

BofA raised the firm’s price target on Gap to $9 from $8.50 and keeps an Underperform rating on the shares. While “encouraged” by Gap’s prudent inventory management, BofA continues to expect persistent sales declines to “inhibit an outsized earnings recovery,” the analyst tells investors as it raises its FY23 and FY24 estimates by 17% and 13%, respectively, following the company Q2 report.