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GAP: Wedbush slashes target price

( - While maintaining its "neutral" rating on the Gap share, the broker WedBush has slashed its corresponding target price from 12 dollars to seven dollars, i.
e. about 5.9x its 2021 EPS estimate of 1.18 dollar for the clothing chain from San Francisco.

The broker has also cut its EPS estimate for Q1 2020 to -0.76 dollar, i.e. a loss, against +0.18 dollar before the Covid-19 crisis, below the consensus of -0.70 dollar. It has also reduced its FY 2020 EPS estimate from +1.82 dollar to -0.19 dollar, below the current consensus of -0.09 dollar.

Analysts say "we are comfortable with GPS's liquidity and solvency risk levels," in particular after a recent offering of senior secured notes, and think that Gap has "ample cash in hand for the next couple of years to cover debt and interest payments".

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