MKM Partners analyst Roxanne Meyer lowered her price target on Gap to $32 and kept her Neutral rating after its "disappointing" Q1 results, including softer performance at Old Navy and Gap lines. Meyer says that despite the management's earnings call optimism, she is concerned that the supply chain issues may remain an overhang for the stock, and also points to reduced visibility on Gap's model this year related to changes in accounting for credit card revenue. The analyst further states that while the traction of new categories at Old Navy is impressive, the traffic trends have been negative.