Gap cuts annual forecast amid supply chain woes, shares slide 19%
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Even Yeezy Can't Help: JPMorgan Downgrades GAP (GPS) Shares to Neutral on Poor Q3 Results and Guidance Miss, Stock Down 20%
November 24, 2021 6:03 AM ESTShares of Gap (NYSE: GPS) are down nearly 20% in pre-open Wednesday after the company delivered disappointing Q3 results and guidance.
Gap reported Q3 EPS of $0.27 a big miss compared to the analyst estimate of $0.51. Revenue for the quarter came in at $3.94 billion, again significantly lower than the consensus estimate of $4.47 billion.
Gap is calling for EPS of $1.25 to $1.40, versus the consensus of $2.20.
While we entered the third quarter with growing momentum, acute supply... More
JPMorgan Downgrades Gap, Inc. (GPS) to Neutral
November 24, 2021 5:45 AM ESTJPMorgan analyst Matthew Boss downgraded Gap, Inc. (NYSE: GPS) from Overweight to Neutral with a price target of $22.00 (from $39.00).
The analyst comments "We rate GPS Neutral. We see potential for Old Navy to continue to grow market share across numerous categories (denim,... More
