Oppenheimer analyst Anna Andreeva raised her price target on Gap to $33 from $30, telling investors in a research note that she is staying "sidelined" on Gap and expects a "skewed recovery" in the business in the second half of 2018. Andreeva, who has a Perform rating on Gap, said despite "impressive" momentum at Old Navy, she expects challenges at the Gap division to continue and sees pressures from promotions and inventory imbalance through the first half of the year. In order for shares to "work," the analyst said an inflection at Gap and Banana Republic is necessary, but doesn't see this happening until the second half "at the earliest."