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

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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