In Friday’s analysts’ actions, Wall Street firms are focused on retailers The Gap (GPS) and L Brands (LB), along with medical device maker Medtronic (MDT). Cantor Fitzgerald cut its price target to $35 from $36 on the shares, but it kept its HOLD rating. On Thursday, the company reported sales numbers for August. Overall, year-over-year sales dropped 3 percent to $1.2 billion. Both Gap and Banana Republic global brands ‘continue to disappoint’ while Old Navy’s brand saw an increase in same store sales, analysts said. In another note, the same firm raised L Brands’ price target to $84 from $83 on Friday as the company reported strong August sales numbers. Year-over-year, sales were up 8 percent in August. Same store sales at Victoria’s Secret and Bath & Body Works were impressive, beating analysts’ estimates, the firm said. Cantor Fitzgerald kept its HOLD rating on the shares. Jefferies lowered Medtronic’s price target to $85 from $89. The firm said risks include integration, pipeline delays and competition. However, the firm did keep its BUY rating on the stock. On Thursday, the company reported strong first quarter earnings that beat analysts’ estimates on both the top and bottom line. TheStreet’s U-Jin Lee reports from new York.
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