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Fly News Breaks for September 30, 2015
GPS
Sep 30, 2015 | 06:51 EDT
Mizuho analyst Betty Chen downgraded Gap to Underperform and lowered her price target on shares to $26. Chen believes the departure of President Larsson is a "bad omen" for Old Navy performance going forward and a major brain trust loss for the company as both Gap and Banana Republic struggle to refine design and supply chain processes. The analyst lowered Gap estimates below consensus for both FY15 and FY16 given reduced expectations for Old Navy's future performance. Piper Jaffray and UBS also downgraded shares this morning.
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