Gap Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Lisa Levin
Gap Inc. (NYSE:GPS) reported Q3 earnings of $0.59 per share, surpassing the consensus estimate of $0.18. Sales were $3.767 billion, above expectations of $3.610 billion but down 7% from the previous year. Following the report, Gap's stock surged 30% to $17.76. Analysts from Telsey Advisory Group, Morgan Stanley, Wells Fargo, Goldman Sachs, and BMO Capital revised their price targets upwards while maintaining their respective ratings.
November 17, 2023 | 5:19 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Gap Inc. reported strong Q3 earnings and sales, leading to a significant 30% increase in stock price. Analysts have raised their price targets, indicating a positive outlook.
Gap's earnings beat and subsequent price target increases by analysts are strong indicators of positive momentum for the stock. The substantial stock price increase reflects the market's reaction to the earnings beat and updated analyst expectations. The short-term impact is likely to be positive as the market digests the better-than-expected financial performance and the raised price targets from multiple analysts.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100