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Goldman Sachs hiked its price target on Nvidia, calling for nearly 20% more gains ahead. The firm upgraded shares of Target to buy from neutral, and reiterated its $180 per share price target. The firm upgraded the clothing retailer to buy from neutral and increased its target price to $28 per share from $21. — Brian Evans 5:45 a.m.: Goldman Sachs raises Nvidia price target on still strong AI demand Goldman Sachs sees enough demand for artificial intelligence to drive sky high Nvidia even higher. The firm reiterated a buy rating on the chipmaker and raised its 12-month price target on the chipmaker to $1,100 from $1,000.
Persons: Goldman Sachs, TGT, Paul Lejuez, — Brian Evans, Wall, Brian Evans, Stephanie Yee, Toshiya Hari, Myles Allsop, Allsop, Fred Imbert Organizations: CNBC, Nvidia, UBS, Vale, Citi, Target, JPMorgan, UL Solutions, UL Locations: Monday's, North America, U.S, stoke, RIO
Investors who take the risk of owning certain unloved stocks could see outperformance down the road, according to Goldman Sachs. This basket of stocks consists of buy-rated names on which the firm's analysts are out of line with the rest of Wall Street. Here are a few of Goldman's differentiated buy names. About a quarter of analysts covering the stock have given it a buy or strong buy rating, according to LSEG. The pet retailer has buy or strong buy ratings from about one-third of Wall Street analysts covering the name, per LSEG.
Persons: Goldman Sachs, Warren Buffett, Goldman, Deep Mehta, Instacart, Petco, Ron Coughlin Organizations: Investors, The New York Times, Citi, Capital, JPMorgan, Petco, Wall Street Locations: 2024E
A white button-down might be the only piece of clothing that you can wear both on a beach and in a boardroom. Whether you're looking to pair the button-down with a great pair of jeans or searching for a versatile swimsuit coverup, we've curated a guide with the best white button-down for you. Learn moreWhat to look for in a white button-down? How to style a white button-downThe most classic way to wear a white button-down is tucked in under a suit. In the summer, you can pair a white button-down with denim shorts or lightweight, airy pants.
Persons: we've, Eileen Fisher, Shop's Women's Burt Organizations: Business
Broadcom — Shares dipped 3% after the semiconductor company posted full-year revenue guidance that was in line with analysts' expectations, per LSEG. For the fiscal first quarter, Broadcom reported adjusted earnings of $10.99 per share, while analysts while analysts polled by LSEG had expected $10.29 per share. Gap — The apparel retailer's stock price jumped 7% after earnings blew past analysts' expectations for the latest quarter. Costco Wholesale — Shares dipped 4% after the retailer slightly missed revenue expectations in the fiscal second quarter. Costco posted $58.44 billion in revenue, while analysts had expected $59.16 billion, according to LSEG.
Persons: LSEG, Marvell, Darla Mercado Organizations: Broadcom, Revenue, Marvell Technology, Marvell, Navy, Costco Locations: LSEG
In this article GPS Follow your favorite stocks CREATE FREE ACCOUNTA general view of an Old Navy store. Sales at Old Navy grew 6% to $2.29 billion, and Gap's overall gross margin surged 5.3 percentage points to 38.9% thanks to fewer markdowns and lower input costs. The extra week contributed about four percentage points of growth during the fiscal fourth quarter, the company said. Last month, Gap announced it had tapped fashion designer Zac Posen to be its creative director and Old Navy's chief creative officer. "His role as chief creative officer at Old Navy is really to harmonize, orchestrate and dial up the storytelling across product and marketing."
Persons: Richard Dickson, We're, Dickson, It's, he's, Zac Posen, isn't, He'll, they've, Eric Chan, Amy Thompson, Mattel's Organizations: Old Navy, Inc, Navy, LSEG, CNBC, Mattel, LA Clippers Locations: Posen
After Gap 's earnings report topped Wall Street's expectations on Thursday, CEO Richard Dickson told CNBC's Jim Cramer how his company is managing to turn its business around. "We've been reigniting this brand and drawing on what the brand was so special in the first place, really taking on trend products and amplifying it in new ways that only Gap can," he said. "We're using music, we're using fashion as entertainment, and we're taking basic product—linen, denim, wovens, pants—and we're amplifying the narrative around these categories and driving share growth." In addition to its namesake brand, Gap owns brands including Old Navy, Banana Republic and Athleta. "Zac's creative expertise, his cultural clarity, it's consistently evolved American fashion," Dickson said.
Persons: Richard Dickson, CNBC's Jim Cramer, We've, Dickson, he's, Mattel's Barbie, Zac Posen, Richard Dickson's Organizations: Mattel, Old Navy, Banana, Navy Locations: Banana Republic
Morgan Stanley reiterates Target at overweight Morgan Stanley stood by its overweight rating on the department store owner. Morgan Stanley reiterates Salesforce as overweight Morgan Stanley said it likes the setup heading into earnings later this week. Morgan Stanley upgrades HashiCorp to overweight from equal weight Morgan Stanley said the software company has a compelling valuation. Morgan Stanley upgrades AvalonBay to overweight from equal weight Morgan Stanley said apartment REIT stocks like AvalonBay are '"cheap for a reason." Morgan Stanley upgrades Sun Country to overweight from equal weight Morgan Stanley said it likes the airline's business model.
Persons: Goldman Sachs, Goldman, Morgan Stanley, Salesforce, Rosenblatt, Jefferies, Amer, Wells, Jane Fraser, Roth MKM, Roth, TD Cowen, TD, DA Davidson, OW, Fannie Mae, KBW, Freddie, Truist, it's, Piper Sandler, Piper, Bentley Organizations: Nvidia, BMO, Apollo, Amer Sports, Citi, Citigroup, Bank of America, KKR, APO, BJ's Wholesale, D.A, Susquehanna, Energy, HSBC downgrades Moderna, HSBC, Moderna, Google, YouTube, " Bank of America, Omega Healthcare, Sun, DuPont's Mobility, JPMorgan, Navy, Bentley Systems Locations: USD75, Asana, ASAN
NEW YORK (AP) — Gap Inc. has tapped American fashion designer Zac Posen as the chain's creative director. Dickson had previously been president of toy giant Mattel and was responsible for re-energizing its Barbie and Hot Wheels lines. Gap also operates stores under Athleta and Banana Republic, Old Navy and its namesake brand. Photos You Should See View All 45 ImagesHe'll be executive vice president at Gap Inc. and also chief creative officer for the lower-priced Old Navy chain. Posen will work closely with Haio Barbeito, Old Navy’s president and CEO, reporting directly to him, the company said.
Persons: Zac Posen, Richard Dickson, Dickson, ” Posen, Katie Holmes, Rihanna, Haio Barbeito Organizations: San, Mattel, Navy, , Gap Inc Locations: San Francisco, Banana Republic, Posen
Once known as a staple American mall brand, Gap lost its relevance among consumers who traded shopping centers for e-commerce. "Gap brand, as you know, has tremendous heritage as a pop culture brand," Dickson told investors. Jennifer Ortakales Dawkins/Business InsiderGap's design team is playing it too safe for today's competitive market. Jennifer Ortakales Dawkins/Business InsiderOn that note, Gap could be doing a lot more to market to younger generations. Jennifer Ortakales Dawkins/Business InsiderBriggs suggests brands like Gap go where their younger customers spend much of their time: TikTok, YouTube, and Instagram.
Persons: , Richard Dickson, Dickson, Ellyn Briggs, Barbie, Neil Saunders, Jennifer Ortakales Dawkins, Briggs, Gen Zers, Gen, Gen Z, Piper Sandler's Organizations: Service, Mattel, Morning, New York City, Grand Central, Free, Nike, Alpha, Teens, Times, YouTube Locations: New York City, New York, Grand
Beyond Yoga's founder Michelle Wahler, along with its Chief Operating Officer and Chief Financial Officer Jesse Adams, will both be stepping down. "We have arrived at a natural inflection point for this incredible brand," Levi's incoming CEO Michelle Gass said in a statement. Retailers such as Lululemon and Nike have long dominated the category, with Beyond Yoga and Gap-owned Athleta following close behind. But upstarts such as Alo Yoga and Vuori have been nipping at their heels and taking market share. In August, Athleta named former Alo Yoga President Chris Blakeslee its next CEO.
Persons: Levi Strauss, Nancy Green, Alo Yoga, Michelle Wahler, Jesse Adams, Wahler, Adams, Michelle Gass, Nancy, BTIG's Janine Stichter, Earnest, Athleta, Chris Blakeslee Organizations: Nike, Yoga, Beyond Yoga Locations: Athleta
Banana Republic and J. Crew are brands from a bygone era when safari cargo dresses and jewel-adorned oxfords were smart, chic office wear. Gap Inc. , which owns Banana Republic, has struggled to revive its appeal over the years. Banana Republic's third-quarter sales of $460 million were down 11% year-over-year, and its same-store sales were down 8%. For Banana Republic, that means improving clothing quality and elevating its aesthetic to become a quiet luxury brand .
Persons: , Richard Dickson, Jenna Lyons, Libby Wadle, I'm Organizations: Service, Inc, Banana Republic, New York Times, Times
The suit also alleges that Old Navy unlawfully shares consumer data with third parties without informing consumers or seeking consent. Old Navy, through its parent company Gap, declined to comment. Old Navy isn't the only one to face similar charges. For now, states have different privacy rules, but there is no unifying federal-level regulation about online privacy. With no comprehensive federal online privacy legislation, companies are free to charge ahead without having to put privacy protections in place.
Persons: Irina Raicu, Raicu, It's, Ari Lightman Organizations: Navy, Central District of, Old, Home Depot, General Motors, Ford, JCPenney, Markkula Center, Applied, Santa Clara University . Companies, Companies, JPMorgan, Verizon, Old Navy, Carnegie Mellon University's Heinz College Locations: Central District, Central District of California, California, U.S, Europe, Canada, Europe . Colorado , Connecticut , Utah, Virginia, Delaware, Florida, Iowa
Banana Republic and J. Crew are brands from a bygone era when safari cargo dresses and jewel-adorned oxfords were smart, chic office wear. Gap Inc. , which owns Banana Republic, has struggled to revive its appeal over the years. Banana Republic's third-quarter sales of $460 million were down 11% year-over-year, and its same-store sales were down 8%. For Banana Republic, that means improving clothing quality and elevating its aesthetic to become a quiet luxury brand .
Persons: , Richard Dickson, Jenna Lyons, Libby Wadle, I'm Organizations: Service, Inc, Banana Republic, New York Times, Times
New Gap CEO Richard Dickson has spoken about his experience upon joining the struggling company from toy business Mattel in August. "You barely knew what we were actually selling," he said on Wednesday, describing how the firm's four apparel brands had leant heavily on promotions and discounts. Dickson was addressing an audience at Voices, a conference organized by apparel industry website The Business of Fashion, in Oxfordshire, U.K. Displayed behind him on stage was a screenshot of Gap's website where money-off messages were a prominent part, which Dickson said was typical of the company's brands "a few months ago." Dickson took on the CEO role at Gap after an almost 10-year tenure at Mattel, where he was president and chief operating officer.
Persons: Richard Dickson, Dickson, it's, Gap, Barbie Organizations: Mattel, Fashion Locations: Oxfordshire
Iron ore gains on China’s property debt-rejig pain
  + stars: | 2023-11-24 | by ( ) www.reuters.com   time to read: +2 min
A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, January 30, 2020. The benchmark December iron ore futures contract on the Singapore Exchange is up 10% this month at $133.45 a ton on hopes Beijing will kickstart the property sector. Anticipating spiking demand from the world’s second largest economy, Citi analysts on Tuesday upgraded their forecast iron ore price to $140 per ton. The optimism on iron ore could further grow if Beijing rolls out more structural reforms, such as the provision of social housing. China’s demand for steel in electric vehicles and green infrastructure has already kept average prices high despite the property slump.
Persons: Wolfgang Rattay, Chan Ka, Una Galani, Thomas Shum Organizations: REUTERS, Reuters, Singapore Exchange, Citi, Hong Kong, HK, X, Thomson Locations: ThyssenKrupp, Duisburg, Germany, HONG KONG, China, Beijing, HK, Rome
Panasonic’s auto deal deserves a speedy sequel
  + stars: | 2023-11-22 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Toru Hanai/File Photo Acquire Licensing RightsHONG KONG, Nov 22 (Reuters Breakingviews) - Panasonic’s (6752.T)decision to sell part of its automotive unit suggests CEO Yuki Kusumi’s plans are taking a promising turn. The business, which pioneers technology like infotainment systems for the next generation of internet-connected cars, is a growing but capital-intensive opportunity. Selling a stake to Apollo Global Management (APO.N), with the possibility of a listing later, could help fund faster development without denting Panasonic’s balance sheet or returns. This was an obvious target for Kusumi, who previously led the auto unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Toru Hanai, Yuki Kusumi’s, Panasonic’s, it’s, Katrina Hamlin, Francesco Guerrera, Thomas Shum Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Reuters, Apollo Global Management, Sony, Hitachi, Panasonic, X, Walmart, Thomson Locations: JAPAN, Chiba, Japan, HONG KONG, Asia, Rome
Carlyle’s Big Mac China dish is hard to match
  + stars: | 2023-11-22 | by ( ) www.reuters.com   time to read: +2 min
SINGAPORE, Nov 22 (Reuters Breakingviews) - Carlyle (CG.O) may be lagging its peers in the United States. But in China, at least, the buyout firm is finishing a meal that will be hard for others to find. That’s less than the private equity outfit run by Harvey Schwartz was hoping for, but is tasty enough. Given geopolitical tensions and China’s weak economic growth, Carlyle has done well to secure a hassle-free exit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Carlyle, repurchasing, Harvey Schwartz, ByteDance, Jack Ma’s Ant, Antony Currie, Thomas Shum Organizations: Reuters, HK, X, Walmart, Thomson Locations: SINGAPORE, United States, China, People’s Republic, Hong Kong, Macau, McDonald’s, Rome
Banks may resist China’s push to help developers
  + stars: | 2023-11-21 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Stringer Acquire Licensing RightsSINGAPORE, Nov 21 (Reuters Breakingviews) - Beijing is giving Chinese banks another nudge to persuade them to play the property white knight. Regulators including the People’s Bank of China are drafting a “whitelist” of 50 property developers, including state-backed China Vanke (000002.SZ) and fully private ones like Seazen (1030.HK) and Longfor (0960.HK), Bloomberg reported citing unnamed sources. More importantly, barring specific lending targets, banks are likely to remain in wait-and-see mode because they fear getting stuck with a mountain of bad loans. Last December, Chinese banks pledged new credit lines worth around 3 trillion yuan ($424 billion) to a dozen developers deemed worth saving, following a similar effort by Beijing. But at a time when China’s outstanding property loans are contracting, such vaguely worded guidance loses relevance.
Persons: Stringer, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Rights, Reuters, Regulators, People’s Bank of China, HK, Bloomberg, X, Walmart, Thomson Locations: Dalian, Liaoning province, China, Rights SINGAPORE, Beijing
Monte Paschi rebirth is vindication for Rome
  + stars: | 2023-11-21 | by ( ) www.reuters.com   time to read: +2 min
REUTERS / Jennifer Lorenzini Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - Italy’s privatisation of bailed-out lender Banca Monte dei Paschi di Siena (BMPS.MI) may finally be on the right track. The sale price was nearly 50% higher than last year’s high-stakes 2.5 billion euro capital increase, which cost taxpayers 1.6 billion euros. Rome took advantage of a near-30% rally in Monte Paschi’s shares during the month leading up to the sale. Granted, Rome will never recoup the around 5.4 billion euros it burnt to save Monte Paschi in 2017. Two years ago, interest rates were low and Monte Paschi's recovery seemed a distant prospect.
Persons: Jennifer Lorenzini, Siena, Monte Paschi, Andrea Orcel, Lisa Jucca, Banks, Liam Proud, Streisand Neto Organizations: REUTERS, Reuters, Banca Monte dei, Treasury, X, Walmart, Thomson Locations: Monte dei, Siena, Italy, Rome, Monte Paschi’s, Monte
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. If current gains hold, shares will have nearly doubled since late July after the former Mattel (MAT.O) executive was appointed to revive the once sought-after brand. Gap's third-quarter earnings release Thursday showed significant inventory destocking, even as its holiday-season forecast disappointed. However, Gap joined other retailers in sounding a cautious note on spending, heading into the all-important shopping season. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
Persons: Sarah Meyssonnier, Richard Dickson, Dickson, David Swartz, Swartz, Katrina O'Connell, Gap, Ananya Mariam Rajesh, Shinjini Ganguli Organizations: REUTERS, Mattel, Gap's Old Navy, Morningstar, Navy, Walmart, Banana Republic, Thomson Locations: Paris, France, Bengaluru
Gap shares soar on Old Navy brand renewal, controlled inventory
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
Comparable sales at Old Navy rose 1% in the third quarter, the first increase in 10 quarters. "Old Navy gained market share, an encouraging early proof point that work to improve both product assortment and brand messaging" were driving results, Gap Chief Financial Officer Katrina O'Connell said on Thursday following the earnings. Gap's struggles with outdated inventory at its namesake brand and Old Navy had pushed customers to look for newer and fresher styles at rivals like Shein and Amazon.com (AMZN.O). Jefferies analysts said new CEO Richard Dickson's prior experience in reinvigorating brands like Barbie at Mattel (MAT.O) could bring a lift to the Old Navy banner. The apparel maker's executives also alluded to a "longer recovery" time for Banana Republic and Athleta, which has seen "product misfires" and weak "retail execution".
Persons: Sarah Meyssonnier, Katrina O'Connell, Richard Dickson's, Barbie, Ananya Mariam Rajesh, Sriraj Organizations: REUTERS, Old Navy, Walmart, Advisory, Navy, Jefferies, Mattel, Banana Republic, Thomson Locations: Paris, France, trendier, encouragingly, Bengaluru
CNBC's Jim Cramer on Friday suggested big name retail stocks may be coming out of a slump following Gap 's Friday earnings beat, which sent the stock surging more than 30%. Cramer said he knows it's been difficult for even household names to see gains this year outside of tech outfits like Apple , Alphabet and Amazon . "This year, that's been very hard to do, but that may be changing after these terrific retail quarters." Cramer conceded that investors have valid concerns about retail stocks: Consumers are still feeling the sting of inflation and high interest rates, and some may have less disposable income now that the pause on student loan payments has ended. He said he saw these factors as obstacles for most in the industry, but suggested circumstances may be changing after these solid retail quarters.
Persons: CNBC's Jim Cramer, Cramer, it's, Wednesday's, that's Organizations: Target
He wants to turn Banana Republic into a quiet luxury brand. AdvertisementGap's new CEO wants to transform its Banana Republic brand into the next destination for quiet luxury. Dickson's plan to reverse this downward trend includes turning Banana Republic into a quiet luxury brand by elevating its aesthetic and product offerings. "We think Banana Republic has an opportunity to thrive in the quiet luxury space," Dickson said. Quiet luxury clothing and accessories are devoid of logos or prominent branding and typically come in neutral or muted colors.
Persons: Richard Dickson, , Dickson, Loro Piana Organizations: Service, Republic, Mattel, Navy, Inc, Banana Republic Locations: Banana, Banana Republic
Gap's closet cleanup begins to pay off
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Brendan McDermid Acquire Licensing RightsTORONTO, Nov 17 (Reuters Breakingviews) - Gap’s (GPS.N) new CEO is embarking on a closet cleanup. Shares in the U.S. apparel company leapt over 30% on Friday morning, a day after it unveiled third-quarter results. That reaction looks overdone, considering how overall net sales of $3.8 billion are still down 7% compared to last year, and earnings fell year-on-year. Same-store sales at sub-brand Old Navy for the quarter were up 1% year-on-year, the first quarterly increase in over two years. The company might even use that tailwind to revive its scrapped plans to separate Old Navy into a stand-alone company.
Persons: Brendan McDermid, That’s, Richard Dickson, Barbie, Sharon Lam, John Foley, Aditya Sriwatsav Organizations: REUTERS, Rights TORONTO, Reuters, Navy, Mattel, Banana Republic, X, Walmart, Thomson Locations: midtown Manhattan, New York, U.S, China
The sign for a Gap store is seen on 5th avenue in midtown Manhattan in New York June 16, 2015. The company expects fourth-quarter net sales to be flat to slightly negative, compared with analysts' expectations for a 0.33% rise, according to LSEG data. Banana Republic and Athleta's sales fell 11% and 18% in the third quarter, while Old Navy, Gap's biggest brand, recorded a 1% decline. Its net sales of $3.78 billion - mainly aided by its Old Navy brand - beat Wall Street expectations of $3.60 billion. Gap reiterated that fiscal 2023 net sales would decline in the mid-single-digit range.
Persons: Brendan McDermid, Richard Dickson, Deborah Weinswig, Weinswig, Zachary Warring, Katrina O’Connell, Ananya Mariam Rajesh, Kate Masters, Devika Syamnath, Matthew Lewis Organizations: REUTERS, Old Navy, Walmart, Banana, Gap's, Republic, Navy, Banana Republic, Thomson Locations: Manhattan, New York, Bengaluru
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