After attending Gap's investor day, where the company provided more details about the planned separation of Old Navy, Morgan Stanley analyst Kimberly Greenberger said she still struggles to fully grasp the rationale and value creation opportunity, adding that the event left her with more questions about the company's growth assumptions. While she believes Old Navy is well positioned, with "a great deal of staying power," Greenberger questions the achievability of its 2,000 store target and sees risk that include a lack of consistent performance, duration of fashion mistakes and expansion into categories such as bras and beauty. The analyst, who also said she is "uninspired" with the prospects for Gap Inc. and fears Athleta "may become the next Bath & Body Works" in terms of trapped value, keeps an Underweight rating and $15 price target on Gap shares.