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Fly News Breaks for May 22, 2015
GPS
May 22, 2015 | 07:44 EDT
UBS noted Gap reported in-line Q1 results and said excess inventories, higher wages, and foreign exchange will pressure Q2. Although the fundamentals remain strong at Old Navy, UBS said the Gap division needs to see a turnaround, but it may take some time to effect. UBS reiterated its Buy rating and $40 price target on Gap, as they believe the company's commitment to share repurchases and dividends will provide downside support.
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