After Gap provided separate financials for Gap Inc. and Old Navy for the first time, Evercore ISI analyst Westcott Rochette said the market already knew Old Navy has been much better than Gap Inc. in terms of both sales and earnings consistency, but he was surprised that the magnitude of the gap "is much wider than expected." He thinks the higher spread between the two will lead the market to give a higher valuation to the sum-of-the-parts entity, adding that his "back of the envelope" math yields an approximate share price of $28 per share for Old Navy using a "relatively conservative" PE multiple of 12 times 2018 earnings. Rochette has an In Line rating and $21 price target on Gap shares.