Gap PT Raised to $45.00 at Canaccord Genuity (GPS)

Analysts at Canaccord Genuity boosted their price objective on shares of Gap (NYSE:GPS) from $41.00 to $45.00 in a research report issued to clients and investors on Friday, Stock Ratings reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity’s price objective would suggest a potential downside of 1.14% from the stock’s previous close. The analysts noted that the move was a valuation call.

Shares of Gap (NYSE:GPS) traded down 3.02% during mid-day trading on Friday, hitting $44.145. Gap has a one year low of $29.84 and a one year high of $46.56. The stock’s 50-day moving average is currently $44.08. The company has a market cap of $20.647 billion and a P/E ratio of 17.71.

Gap (NYSE:GPS) last announced its earnings results on Thursday, May 23rd. The company reported $0.71 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.02. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter last year, the company posted $0.47 earnings per share. Gap’s revenue was up 6.9% compared to the same quarter last year. Analysts expect that Gap will post $2.74 EPS for the current fiscal year.

GPS has been the subject of a number of other recent research reports. Analysts at Susquehanna downgraded shares of Gap from a “positive” rating to a “neutral” rating in a research note to investors on Friday. They now have a $49.00 price target on the stock, up previously from $46.00. They noted that the move was a valuation call. Separately, analysts at FBR Capital Markets initiated coverage on shares of Gap in a research note to investors on Thursday, August 1st. They set an “outperform” rating on the stock. Finally, analysts at SunTrust initiated coverage on shares of Gap in a research note to investors on Friday, July 19th. They set a “neutral” rating and a GBX 46 ($0.70) price target on the stock.

Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $45.00.

In other Gap news, EVP Michelle Banks dumped 57,618 shares of the stock in a transaction that occured on Monday, July 29th. The shares were sold at an average price of $45.58, for a total transaction of $2,626,228.44. The transaction was disclosed in a document filed with the SEC, which is available at this link.

The Gap, Inc (NYSE:GPS) is a global specialty apparel company.

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