UPDATE: Wedbush Lowers Price Target On Gap To $17

According to Wedbush, Gap GPS price target is lowered to $17. Goldman Sachs said that management reiterated F11 EPS guidance of $1.40-1.50 on solid expense control and continued aggressive repurchase activities (lower share count aided Q2 EPS by $0.03). “Our new $17 price target is derived by applying a discounted multiple of 10x (vs. GPS' 5-year historical average of ~13x) to our F12 EPS estimate of $1.70 given challenging sales trends and store saturation.” DirecTV closed yesterday at $46.63.