BUZZ-Brokerages cut PT on Gap citing challenging macro environment, rising competition

** Telsey Advisory Group cuts PT on apparel retailer Gap GAP.N to $26 from $29

** "With the remaining two quarters of the year, the fourth quarter incorporates more challenging compares with a shortened 2024 holiday season," Dana Telsey, analyst at the brokerage, says

** Jefferies also cuts PT to $26 from $28, citing growing competition, risks around Old Navy maintaining its historical growth and margin rates

** GAP will to demonstrate the longevity and sustainability of growth across all brands and a clear path toward cost efficiency to gain investor confidence - TD Cowen

** Guggenheim Securities maintains PT of $35; anticipates a challenged consumer and macro environment but encouraged by the progress across portfolio; expects continued performance in 2024

** GAP beat estimates for Q2 results on Thursday, owing to strong demand for its trendy and fashionable clothing

** Eight of 20 brokerages rate the stock "buy" or "higher", 11 "hold" and one "sell"; median PT is $29 - LSEG data

** Including session moves, stock up 7% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com;))