Gap price target raised to $28 from $17 at Jefferies

Jefferies analyst Corey Tarlowe raised the firm’s price target on Gap to $28 from $17 and keeps a Hold rating on the shares after the company reported a top- and bottom-line beat with positive comps across all banners, margins significantly improved and inventory declined 15% year-over-year. While the firm believes these results are “encouraging,” it still views Gap as in its early turnaround story and remains sidelined.