Wall Street Strategies Reiterates Gap Sell, Lowers PT To $17

Wall Street Strategies reiterated its Gap GPS Sell rating and lowered its Gap price target from $20 to $17 in a research report published today. In the report, Wall Street Strategies states, "The attributes of a horrific quarter from a retailer tends to start with poor sales due to product that falls on deaf ears, which in turn causes gross margin compression, and then leads to the exposure of operating expenses that are too fat around the edges. Welcome to the report from Gap (GPS) after the market closed on May 19, where it can only hang its hat on the fact it generated a profit and will likely be in business for the foreseeable future." Shares of Gap were trading at $19.29 at the time of posting, down 17.17% from Thursday's market close.