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RBC Capital Upgrades Gap to 'Outperform'

RBC Capital upgraded Gap (GPS) shares to outperform from underperform.

Analyst Lauri Brunner tells S&P MarketScope she believes there's some upside to her -2% October comparable-store sales estimate due to improved merchandise at all three concepts: Gap, Banana Republic, and Old Navy. She believes there is a lag of a couple of months from improved merchandise to better comps and margins. She thinks we'll see better comp trends, outlook, and improving merchandise positions at all three concepts heading into the holiday season, but still expects it to be very promotional and competitive.

Brunner maintains below-consensus $0.18 fiscal year 2003 (January) and $0.25 fiscal year 2004 EPS estimates. She has a $15 price target.

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