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Fly News Breaks for November 8, 2019
GPS
Nov 8, 2019 | 07:58 EDT
JPMorgan analyst Matthew Boss lowered his price target for Gap to $14 from $15 after the company announced that its CEO Art Peck was stepping down and Chairman Fisher will be serving as interim CEO. In conjunction with the management change, Gap negatively pre-announced Q3 same-store-sales and lowered its fiscal 2019 earnings guidance, Boss tells investors in a research note. He believes the Q3 shortfall was driven by "continued sub-industry traffic challenges" across all three of Gap's brands.
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