Nomura cautious on GAP's holiday performance Nomura came away from a GAP management meeting increasingly cautious regarding holiday sales due to Kohl's overload of inventory and the potential for increased promotional activity.
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Gap downgraded to Underperform from Neutral at BofA/Merrill BofA/Merrill downgraded Gap to Underperform based on expectations it will miss full year guidance and consensus expectations. The firm said lower than expected August comps due not bode well for turnaround and lowered its full year EPS estimate to $2.85 from $2.96, vs. guidance of $2.95-$3.00.