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GPS

Gap

$19.35

(0.00%)

09:43
09/12/19
09/12
09:43
09/12/19
09:43

Gap's Old Navy could be worth $28 per share, says Evercore ISI

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.

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    Nov

GPS Gap
$19.35

(0.00%)

05/31/19
BOFA
05/31/19
NO CHANGE
Target $15
BOFA
Underperform
Gap price target lowered to $15 from $24 at BofA/Merrill
BofA Merrill Lynch analyst Lorraine Hutchinson reiterated her Underperform rating on Gap and cut her price target on the shares to $15 from $24 following the company's Q1 results, which she views as significantly worse than expected. After Old Navy's weaker than expected comps and "meaningful product margin decline," Hutchinson said the value creation of the spinoff looks more questionable and she also contends that company suffers from poor capital allocation.
06/11/19
MKMP
06/11/19
NO CHANGE
Target $18
MKMP
Neutral
Gap price target lowered to $18 from $33 at MKM Partners
MKM Partners analyst Roxanne Meyer set her "fair value" estimate for Gap at $18, down from her prior price target of $33, and kept her Neutral rating after its Q1 earnings miss, also lowering her FY19 and FY20 EPS outlook by 38c and 41c to $2.12 and $2.20 respectively. The analyst says the quarter's negative comps at Gap and Old Navy brands "deepen the skepticism" about the company's Old Navy breakup decision, adding that the gross margin and inventory trends also bode poorly for Gap's Q2 performance. Meyer expects the management to offer some more clarity about the rationale for the break-up in the fall, but expects investors' worries about "dis-synergies" of the split to remain an overhang on Gap shares.
08/23/19
WELS
08/23/19
NO CHANGE
Target $18
WELS
Market Perform
Gap price target lowered to $18 from $25 at Wells Fargo
Wells Fargo analyst Ike Boruchow lowered his price target on Gap to $18 from $25 while maintaining a Market Perform rating following the company's quarterly results, saying the magnitude of comp decline at the all-important Old Navy business was a "bit surprising." In a research note to investors, the analyst says he remains concerned about Old Navy's ability to right their ship in time ahead of holiday, especially considering Gap is planning a potential return to comp growth in the fourth quarter. Boruchow says the Q2 results did not alter the Gap story, and he would remain sidelined until the company can gain some visibility into its trajectory.
08/26/19
MKMP
08/26/19
NO CHANGE
Target $18
MKMP
Neutral
Visibility on The Gap remains low, says MKM Partners
MKM Partners analyst Roxanne Meyer kept her Neutral rating and $18 price target on The Gap after its Q2 results, saying that while the company beat on earnings, its visibility toward Q3 remains low and the 5% decline in Old Navy comp was "disappointing". The analyst notes that the upside in the quarter came from better than expected gross margins at The Gap business and a favorable SG&A factor driven by the shift in expense timing. Meyer also states that the company's affirmed FY19 expectations imply a weaker back half of 2019 , adding that she has slightly lowered her Q3 gross margin projections to reflect the slower start in the quarter and the impact of tariffs.

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FDX

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PUMP

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NLY

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0.1 (1.15%)

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D

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$82.18

-0.2 (-0.24%)

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BCS

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0.12 (1.43%)

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$NSD

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$NYE

NYSE Market Internals

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FANG

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QQQ

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XEC

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MAS

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IGT

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