UPDATE: Wedbush Lowers PT on Gap to $18

Wedbush is out with its report today on Gap GPS, lowering its PT from $19 to $18. In a note to clients, Wedbush writes, "Our new $18 price target is derived by applying a discounted multiple of 11x (vs. GPS' 5-year historical average of ~14x) to our new F12 EPS estimate of $1.60, given challenging sales trends and store chain saturation." Shares of GPS closed Friday at $18.28.