Wedbush analyst Jen Redding says she views Gap's announcement that CEO Art Peck will depart as a "positive," and notes that "investors almost certainly view news of his departure as long overdue," though she admits the timing of his departure is "curious" given the timing of Old Navy's spinoff planned for 2020. Redding, who maintains a Neutral rating and lowers her price target to $18 from $19, tells investors in a research note that the board now has an opportunity to revive Gap if it finds the right design-driven leader with a powerful vision to bring the brands back from the brink of fading permanently. The analyst thinks Peck's departure reduces visibility into the likelihood and timing of an Old Navy spinoff.