Gap pullback a buying opportunity, says Piper Jaffray Piper Jaffray attributes the pullback in Gap shares to increased promotional activity at mid-tier department stores. Piper said its channel checks indicate a holiday season for Gap that is on pace with expectations. The firm recommends buying the stock on today's pullback.
News For GPS From The Last 14 Days
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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.