ISI Maintains Sell on Gap

ISI is out with its report today on Gap GPS, maintaining Sell. In its report, ISI writes, "While GPS's valuation looks quite attractive on peak earnings and cash flow, we think the stock needs two things to start to work: 1) positive comps and 2) steady margins. We think both remain uncertain, especially in a deteriorating macro environment. We applaud management for focusing on all the right things (e-commerce, international, marketing, and product), but we just don't know if those drivers are adequately impactful for this huge U.S.-centric apparel retailer." ISI maintains a $15 PT on GPS. At the time of posting, shares of GPS were trading pre-market at $15.55, up 0.19% from Thursday's close.