GAP STOCK UP ON ANALYSTS’ UPGRADES
NEW YORK — Gap Inc. stock rebounded Wednesday, moving up 1 1/2 to 32 7/8 after two investment firms here upgraded the specialty chain’s shares.
On Tuesday, Gap stock fell 1 to 31 1/8 on the New York Stock Exchange after NatWest Securities analyst Robert Buchanan projected weak September sales for the retailer.
On Wednesday, however, Dean Witter Reynolds analyst Donald Trott upgraded Gap to “buy” from “accumulate,” citing the stock’s relatively low price and Gap’s strong management. While upgrading the stock, Trott cut his estimates. He expects Gap to earn $2.15 to $2.20in the current year, down from earlier estimates of $2.25 to $2.30.