Jefferies Reiterates Target and Rating on The Gap

Jefferies has published a research report on The Gap GPS reiterating their price target and rating. In the report, Jefferies wrote, "GPS reiterated its outlook for FY'12 EPS which we view as a positive sign that we are nearing the end of the downward earnings revision cycle here. While business will likely remain tough in 2H, we think the bad news is already priced in and see positive catalysts in FY'13. When combined with downside support from share repurchases and a solid balance sheet we see favorable risk/ reward. Reiterate Buy and $25 PT." Jefferies rated The Gap a BUY with a price target of $25.00. The Gap closed Thursday at $15.52.