Author: Bev Langley

Gap’s Spinoff of Old Navy Couldn’t Have ‘More Unfortunate’ Timing as Sales Slow, Wedbush Says

Gap’s Spinoff of Old Navy Couldn’t Have ‘More Unfortunate’ Timing as Sales Slow, Wedbush Says

Gap’s (GPS) planned spinoff of its Old Navy unit couldn’t have “more unfortunate” timing as the parent company’s fiscal first-quarter results missed views and its “golden” brand showed slowing demand, Wedbush Securities said in a note on Friday. The analysts lowered their price target on Gap’s shares to $19 from $23 but maintained the company’s neutral rating. Shares plunged 10% […]