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Gap Stock Upgraded on Demand, Consumer Trends
GPSGap(GPS) Schaeffers Research·2024-05-07 13:42

Gap Inc (NYSE:GPS) stock is up 3.6% to trade at 23.02thismorning,afterCitigroupissuedanupgradeto"buy"from"neutral,"andraiseditspriceobjectiveto23.02 this morning, after Citigroup issued an upgrade to "buy" from "neutral," and raised its price objective to 28 from 21.Thebrokeragefirmnotedthe apparelretailer couldbeatearningsestimatesforthefirstquarteramidsteadyconsumerdemand,aswellasconsumertrendsthatfavordenim.Gapstockscoredathree−yearhighof21. 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 ...