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Benzinga
Benzinga
Business
Priya Nigam

BofA Downgrades Gap On Old Navy Concerns

Gap Old Navy BofA Securities Gap Inc NYSE

Old Navy, which contributes to around 55% of Gap Inc’s (NYSE:GPS) sales, is likely to be “disproportionately hurt” by its exposure to low-income consumers and worsening supply chain disruptions, according to BofA Securities.

The Gap Analyst: Lorraine Hutchinson downgraded the rating for Gap from Neutral to Underperform, while reducing the price target from $26 to $14.

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