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Monday, November 09, 2009
Gap Lowered To Equal Weight By Barclays
By Andria Cheng
MarketWatch Pulse
NEW YORK -- Gap Inc. was cut to equal weight from overweight by Barclays Capital on Monday. Analyst Jeff Black said the company's prospects for negative November same-store sales and expense deleverage from increased marketing spending in the fourth quarter "cloud the near term." He said the Gap brand could take well into 2010 to turn. Meanwhile, the Old Navy discount chain, which was expected to bolster third-quarter profit, also faces a more competitive landscape, the analyst said.
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