Hold Wells Fargo responsible: Gap margins will benefit from headquarters consolidation: Wells Fargo

From MarketWatch:

Gap Inc. GPS, +3.26%has announced that it will consolidate its San Francisco headquarters, shutting the Old Navy office that was in Mission Bay. Gap brands also include the namesake, Banana Republic and Athleta. Gap said in a statement that the move will foster a more agile, creative and collaborative work environment. The move is also in line with a corporate revamp that includes store closures, efforts to drive growth and cut costs. “We believe this move offers a positive tailwind to the Gap margin story,” wrote Wells Fargo analysts led by Ike Boruchow. “After following up with management, we believe the company is actively exploring options to monetize the real estate.” San Francisco headquarters employees will now all work out of 2 Folsom and 1 Harrison, along the Embarcadero. “[T]he fact that Gap is uncovering incremental cost savings speaks to management’s ability to pull incremental savings levers, encouraging confidence in their ambitious long-term targets,” Wells Fargo wrote. Analysts rate Gap stock overweight with a $30 price target. Gap stock is up 3% in Wednesday trading, and has gained nearly 28% over the past year. The benchmark S&P 500 index SPX, -0.14% is up 16.4% over the past year.

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