Gap, Inc. (GPS) PT Raised to $23 at BMO Capital

BMO Capital analyst Simeon Siegel raised the price target on Gap, Inc. (NYSE: GPS) to $23.00 (from $18.00) while maintaining a Market Perform rating.

The analyst commented, "This evening, GPS reported a strong top and bottom line beat and meaningfully raised FY guidance, taking shares materially higher in after-hours trading. 1Q saw top-line inflections at Banana Republic and Athleta with continued strength at Old Navy. GPS continues to post among the strongest GM expansion in the group, but noted 1H commodity cost tailwinds should tilt neutral in 2H. We believe even this meaningful guide hike may prove conservative but believe shares are pricing this in. Target price to $23 (~12x FY25E EPS)."

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