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Gap Misses Estimates and Morgan Stanley Slashes Its Price Target. The Stock Is Tanking.

·2 min read
Gap Misses Estimates and Morgan Stanley Slashes Its Price Target. The Stock Is Tanking.
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Gap tanked Wednesday as analysts cut their price targets on the stock after the retailer missed third-quarter earnings estimates and lowered full-year guidance because of inventory delays and increased shipping costs. Analysts at Morgan Stanley cut their price target on the stock to $20 from $25. Morgan Stanley analyst Kimberly Greenberger questioned the broader turnaround at the retailer and has “lost confidence” that Gap can hit its 10% EBIT margin target in 2023.