Gap Inc.’s September same store sales miss analysts’ expectations
Same-store sales of Gap fell 4 % in September. Thus, the company missed analysts’ estimates of a 3.6 % year-over-year decline in sales. Gap’s shares dropped by 6.3 % in the first full-day of trading following the news. A number of analysts have weighed in on the stock. Jefferies Group reissued a buy rating on shares of Gap in a report of August 29, 2016. In a research report, Stifel Nicolaus gave a hold rating on shares of the company
On the other hand, Vetr upgraded shares of Gap from a “sell rating to a hold rating and set a USD 25.65 target price on the stock in its research report. Credit Suisse Group AG restated a sell rating and set a USD 21.00 target price on shares of Gap in its research report. And finally, Canaccord Genuity restated a buy rating on shares of Gap.
Seven equities research analysts have rated the stock of Gap with a sell rating, twenty-six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of USD 24.94.
A number of hedge funds have recently added to or reduced their stakes in GPS. Tobam raised its stake in Gap by 76.2 % in the first quarter. It now owns 1348416 shares of the apparel retailer’s stock valued at USD 39644000 after buying an additional 583342 shares during the last quarter. Franklin Resources Inc. raised its stake in Gap by 1.8 % in the first quarter. Franklin Resources Inc. now owns 5238420 shares of the apparel retailer’s stock valued at USD 154010000 after buying an additional 94400 shares during the last quarter. FDO Partners LLC bought a new stake in Gap during the first quarter valued at about USD 330000.