Piper Jaffray Remains Overweight On Gap (GPS)

Piper Jaffray remained Overweight on Gap GPS in a research report published today. Piper Jaffray has previously given Gap a price target of $25. In the report, Piper Jaffray states, "We remain Overweight rated on shares of GPS after the company reported January comp sales that increased +1% against PJC's and consensus' estimates of (-3%) and LY's +5%. The company posted a flat FQ4 comp and a +1% comp for FY11, which is the first positive fiscal year comp increase in 5 years. We view the recent executive changes at core Gap brand as positive and continue to favor large retailers with sourcing power, int'l expansion, and a higher fashion quotient. We are raising our FY11 EPS est to $1.86 based on management's revised EPS guidance of $1.85-$1.86 and our FY12 EPS est to $2.11." Shares of Gap were at $19.76 in after hours trading at the time of posting, down 0.34% from Thursday's market close.