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Robbie Stephens Cuts Gap Rating

Robertson Stephens downgraded Gap Inc. (GPS) to market perform from buy.

Analyst Janet Joseph Kloppenburg says she remains disappointed with the lower-than-expected May sales comparisons of -10% vs. -2% last year, and believes new product flows in June have not improved. She expects June comparisons to trend in line with May's. Therefore, Kloppenburg expects Q2 EPS and revenues to be disappointing, and says she now doesn't believe the expected second-half 2001 turnaround in comparisons and EPS can materialize. Given disappointing June comparisons and the delayed EPS turnaround, she revised the $1.18 fiscal 2002 (Jan.) EPS estimate to $1.00, and cut the $1.60 fiscal 2003 EPS estimate to $1.35.

Kloppenburg set a $30 target.

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