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.

Continue reading Gap margins will benefit from headquarters consolidation: Wells Fargo on MarketWatch

Or take your claim to FairShake, the consumer advocacy service.

Read More:

FairShake is aggregating links to consumer news stories across the web. We claim no rights to the snippets featured.

Latest news

Hold Uber responsible: Here are Thursday’s biggest analyst calls of the day: Amazon, Zoom, T-Mobile, Uber, Chipotle & more

From CNBC: Here are the biggest calls on Wall Street on Thursday: Continue reading Here are Thursday's biggest analyst calls of...

Latest Citibank customer news: Citi names John Young as head of commodities for Americas

From Reuters: June 3 (Reuters) - Citigroup Inc has appointed John Young as the head of its commodities business for...

AT&T customers take note: The AT&T-Discovery deal will spawn a company that goes by this name

From The Dallas Morning News: The new company being formed by the merger of Discovery Inc. and AT&T Inc.’s WarnerMedia...

Latest AT&T customer news: AT&T on track with FirstNet build, most challenging sites remain

From FierceWireless: AT&T is about a year ahead of schedule on its FirstNet build but will likely take until 2023...

Top Uber story from Slate: Slate Money talks billionaire taxes, Uber, and Bitcoin.

From Slate: This week, Felix Salmon, Emily Peck, and Stacy-Marie Ishmael talk about the ProPublica report on the tax returns...

Uber headlines: Rideshare Services Like Lyft, Uber Struggle To Get Drivers Behind The Wheel

From CBS Pittsburgh: SACRAMENTO (CBS13) – Rideshare Apps are desperate for drivers. The pandemic has slowed travel so much that...

You might also likeRELATED
Recommended to you