Barclays analyst Adrienne Yih lowered the firm’s price target on Gap to $10 from $11 and keeps an Equal Weight rating on the shares. The firm’s promotional tracker shows promos in Q1 are running similar to Q4 levels and suggest that "consumers across all income brackets are pulling back" on discretionary product spending, the analyst tells investors. The firm also sees increasing risk to hopes for a demand recovery in the second half of the year.
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Published first on TheFly
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Read More on GPS:
- Gap Slashes 1,800 Jobs to Improve Profitability
- Gap confirms restructuring plan, to reduce workforce by 1,800 employees
- Gap (NYSE:GPS) Reduces Management Layers, Targeting Efficiency
- Gap call volume above normal and directionally bullish
- Gap plans new round of job cuts, plans to lay off hundreds, WSJ reports
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