MKM Partners analyst Roxanne Meyer keeps her Neutral rating and $15 price target on The Gap after its Q3 results, noting that while the company topped earnings consensus, its plan to proceed with the separation of Old Navy was surprising based on its "current performance". The analyst notes that The Gap faces headwinds "across the brands", lacking a "clearly defined strategy" for Gap and Banana Republic as well as also facing ongoing pressure at Old Navy. In addition to those headwinds, Meyer cites the commentary by The Gap's interim CEO Fisher regarding the company's "lacking" operational focus and excessive organizational complexity.