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Fly News Breaks for August 23, 2019
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Aug 23, 2019 | 06:50 EDT
Wells Fargo analyst Ike Boruchow lowered his price target on Gap to $18 from $25 while maintaining a Market Perform rating following the company's quarterly results, saying the magnitude of comp decline at the all-important Old Navy business was a "bit surprising." In a research note to investors, the analyst says he remains concerned about Old Navy's ability to right their ship in time ahead of holiday, especially considering Gap is planning a potential return to comp growth in the fourth quarter. Boruchow says the Q2 results did not alter the Gap story, and he would remain sidelined until the company can gain some visibility into its trajectory.
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