Gap Inc. got hit by another Barclays downgrade on Friday, triggering rumors that the operator of Old Navy, Gap, Banana Republic and Athleta brands could decide to spin off a brand to raise shareholder value.
Barclays analyst Adrienne Yih cut her rating on Gap Inc. stock to “underweight from equal weight,” which was widely reported in the media Friday.
She set a price target for Gap stock at $13 a share. The previous target was $17. Gap’s stock on Friday closed down 4 percent to $13.52 on the NYSE.WWD