Piper Jaffray Lowers PT on Gap to $17

Piper Jaffray is out with its report today on Gap GPS, lowering its PT to $17 from $19. In its report, Piper Jaffray writes, "Our FY12 goes to $1.46 and our FY13 is at $1.74--in line with current consensus. Our price target moves from $19 to $17 based on an unchanged multiple of 10x applied to our revised FY13 EPS estimate." Piper Jaffray maintains Neutral on GPS. Shares of GPS closed Thursday at $15.52, down 5.48% from Wednesday's close.