Equities researchers at Stifel Nicolaus upped their price target on shares of Gap (NYSE: GPS) from $45.00 to $48.00 in a research report issued on Friday, ARN reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 6.43% from the stock’s previous close.
The analysts wrote, “Compelling merchandise and effective promotions across all divisions helped to drive traffic and lift sales. On a comparable basis, sales increased 7%. The 53rd week in 2012 shifted the Memorial Day holiday into May this year from June last year, negatively impacting the spread between comps and total sales. Comps in June were strongest in the South and weakest in the Midwest. The customer is responding positively to Gap’s summer product which bodes well for the remainder of the summer selling season.”
Gap (NYSE: GPS) traded down 0.53% on Friday, hitting $44.86. Gap has a 52-week low of $27.66 and a 52-week high of $45.37. The stock’s 50-day moving average is currently $41.76. The company has a market cap of $20.981 billion and a price-to-earnings ratio of 17.55.
Gap (NYSE: GPS) last posted its quarterly earnings results on Thursday, May 23rd. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Gap has set its FY14 guidance at $2.52-2.60 EPS. Analysts expect that Gap will post $2.73 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on GPS. Analysts at Cowen and Company initiated coverage on shares of Gap in a research note to investors on Wednesday, July 10th. They set a “market perform” rating and a $48.00 price target on the stock. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Gap in a research note to investors on Tuesday, July 9th. They now have a $56.00 price target on the stock. Finally, analysts at RBC Capital reiterated a “sector perform” rating on shares of Gap in a research note to investors on Monday, July 8th. They now have a $42.00 price target on the stock.
Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $43.87.
The Gap, Inc (NYSE: GPS) is a global specialty apparel company.