JP Morgan downgrades Gap, says it’s not ready for the holidays and faces higher costs from tariffs

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J.P. Morgan downgraded Gap shares to underweight Thursday, predicting the clothier could face profit pressure throughout the holiday season as it struggles with operational issues and skewed inventory.

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“The time frame for Gap banner sequential SSS [same-store sales] improvement and return to ‘momentum’ is now less certain in our view as the brand grapples with operational issues and second-half assortment imbalance…

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