Analysts' Top Consumer Cyclical Picks: Gap Inc (GAP), Costco (COST)We are increasingly constructive on the outlook for market share growth and profit improvement at GAP . This quarter provided a critical proofpoint for the bull thesis, with accelerating comp momentum (on a 1-yr and 2-yr stack basis) indicating that GAP’s brand reinvigoration strategy is working. Execution continues to strengthen, as initiatives across product, marketing, and operations are fueling stronger new customer acquisition and engagement, market share gains, enhanced profitability, and stronger FCF generation. That said, there still is opportunity for continuous improvement from here, as the Athleta brand is still in the earlier stages of repositioning and the Old Navy brand is just beginning to scale new product stories in the Active category. We see scope for G AP 12m Pr i ce Tar get : $34. 00 Pr i ce: $19. 48 U p si de: 74. 5% Gap Inc.