Gap Analysts Increase Their Forecasts After Upbeat Earnings

The Gap, Inc. GPS reported better-than-expected third-quarter financial results on Thursday.

Gap reported earnings of 59 cents per share, exceeding the analyst consensus estimate of 18 cents. Quarterly sales of $3.767 billion beat market expectations of $3.610 billion, a 7% decrease from sales of $4.039 billion in the same period of 2022, according to Benzinga Pro.

Gap shares jumped 30% to trade at $17.76 on Friday.

These analysts made changes to their price targets on Gap following earnings announcement.

• Telsey Advisory Group increased the price target on Gap from $11 to $17. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• Morgan Stanley raised the price target on Gap from $13 to $14. Morgan Stanley analyst Alex Straton maintained an Equal-Weight rating.
• Wells Fargo boosted the price target on Gap from $16 to $20. Wells Fargo analyst Ike Boruchow maintained an Overweight rating.
• Goldman Sachs increased the price target on Gap from $13 to $18. Goldman Sachs analyst Brooke Roach maintained a Buy rating.
• BMO Capital raised the price target on Gap from $8 to $14. Go BMO Capital analyst Simeon Siegel maintained a Market Perform rating.

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