Gap upgraded to Neutral at UBS on increased conviction in management

UBS analyst Jay Sole upgraded Gap (GAP) to Neutral from Sell with a price target of $26, up from $16. Gap CEO Richard Dickson has established an ability to drive change, says the analyst, who has increased conviction in management’s ability to increase the relevance of Gap’s brands and deliver consistent operational improvements. The firm has raised its FY24-26 EPS estimates and long-term forecasts, the analyst tells investors.