LB (Market Perform) - Raising PT to $30 from $25. We believe LB is early in a state of transition taking place across the business and we believe changes across digital marketing personalization and the Victoria s Secret assortment are all opportunities. Retail is difficult even when product is working; changing aspects of the business while simultaneously integrating the customer experience poses downside risk to estimates in our view.
Cowen_LB.pdf
GPS (Market Perform) - Lowering PT to $29 from $35. We are not surprised based on our channel checks that Gap division remains worse-than-expected work-in-progress as the company continues to recalibrate important product ratios such as tops to bottoms (2.8x from 1.7x) and work through lower color counts. Meanwhile 70% of the business remains relatively healthy given solid performance at Old Navy Banana Republic & Athleta.
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