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UBS analysts have upgraded their outlook on Gap shares from "sell" to "neutral," raising the target price from $16 to $26. This change reflects increased confidence in CEO Richard Dickson's leadership and the management's ability to enhance brand relevance and operational performance.
Gap, Inc. operates as a global apparel retailer with segments including Gap Global, Old Navy, and Banana Republic. Recently, UBS upgraded its rating from "sell" to "neutral" with a price target of $26, while other analysts have set targets ranging from $26 to $35. Insiders have sold nearly 1 million shares in the last quarter, indicating a 31% insider ownership.
The Gap, Inc. is a prominent American specialty apparel company offering a range of clothing, accessories, and personal care products for all ages through its brands, including Old Navy, Gap, Banana Republic, and Athleta. As an omnichannel retailer, it provides various shopping options, including online and in-store services, enhancing customer experience across its diverse product lines. Banana Republic focuses on premium lifestyle offerings, emphasizing quality and versatile styles for women, men, and home wear.
The Gap, Inc., an American clothing company, offers a range of apparel, accessories, and personal care products for all ages through its brands, including Old Navy, Gap, Banana Republic, and Athleta. As an omni-channel retailer, it provides services such as online purchases, in-store pickups, and enhanced mobile options. Banana Republic focuses on premium lifestyle retail, emphasizing quality and versatile designs for both women's and men's fashion.
Dozens of major U.S. retailers have raised interest rates on store-branded credit cards to record highs, with at least 50 companies, including Big Lots and Macy’s, increasing APRs significantly ahead of the Federal Reserve's rate cuts. The average APR on store cards surged by 1.52 percentage points from September 2023 to September 2024, driven by profit motives amid sluggish sales and rising credit card debt. Consumers are cautioned to reconsider signing up for these cards, as many may not fully understand the financial implications.
Stock futures dipped slightly on Thursday evening, with the Dow down 20 points and the Nasdaq 100 futures falling 0.3%. Despite this, Wall Street is on track for a positive week, led by a 1.56% gain in the Nasdaq Composite. Notable after-hours movers included Gap, which surged 15% after beating earnings estimates, while Intuit fell over 5% despite a strong quarterly report. Texas Pacific Land is set to join the S&P 500 next week as part of index changes.
Gap raised its fiscal 2024 sales guidance to a growth of 1.5% to 2%, following better-than-expected results despite challenges from storms and warm weather. The company reported a net income of $274 million, with sales reaching $3.83 billion, up 2% year-over-year. Old Navy's sales grew 1%, while Gap and Athleta saw positive comparable sales, indicating a strong start to the holiday shopping season.
Stock futures remained largely unchanged as investors reacted to Nvidia's earnings report, which, despite beating expectations, saw shares drop nearly 2%. Snowflake surged over 18% after also exceeding earnings forecasts. The Dow is on track to underperform this week, while the S&P 500 and Nasdaq Composite have seen gains.
Jim Cramer highlighted key earnings reports next week from Nvidia, TJX, and Walmart, advising caution amid market uncertainties. He suggested a small position in Vertiv and recommended waiting for pullbacks before investing in Walmart and Target, while expressing optimism for Medtronic and Viking Holdings. Cramer also noted potential sell-offs for Nvidia and Palo Alto Networks post-earnings, and indicated interest in Gap and Intuit, pending market conditions.
The Gap, Inc.
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