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.
