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GAP: Jefferies still on 'hold'

( - On Friday, an analyst at Jefferies has confirmed his "Hold" recommendation on the Gap stock, as the group announced that it no longer wanted to make "Old Navy" an independent company.

"The decision to stop pursuing a company split is now the right one, given Old Navy's more volatile recent fundamental profile, costs of a split, and the impact on employee morale, in our view. Damage has been done and will take time to heal, but guidance looks better than feared, which is a positive," the broker said.

Jefferies confirms its target price of 17 dollars.

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