Gap Stock Upgraded on Demand, Consumer Trends
GPSGap(GPS) Schaeffers Research·2024-05-07 21:42

Gap Inc (NYSE:GPS) stock is up 3.6% to trade at $23.02 this morning, after Citigroup issued an upgrade to "buy" from "neutral," and raised its price objective to $28 from $21. The brokerage firm noted the apparel retailer could beat earnings estimates for the first quarter amid steady consumer demand, as well as consumer trends that favor denim. Gap stock scored a three-year high of $28.59 on March 21. The shares have suffered a 19.4% drawdown this quarter though, and recently had consolidated around $20 in ...