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GAP: Jefferies drops buy rating

(CercleFinance.com) - An analyst at Jefferies has said that he is downgrading his rating on the Gap share after the group's "mixed" results.

The broker now recommends investors "Hold" the stock, against a previous "Buy" rating.

"We believe GPS needs a new permanent leader to turn the business around, and we expect the transformation to take time. With increasingly limited visibility ahead, we take a more conservative view on the stock," Jefferies says.

The analyst has therefore cut his corresponding target price to 17 dollars, vs. 24 dollars previously.

However, the stock seems to be resisting - at just after 4.30 pm (CET), the share was up over 1.5%.

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