Morgan Stanley upgrades Gap, downgrades Foot Locker
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Morgan Stanley is out with a mix of retail calls. The firm's analyst team is bullish on Gap (GPS), upgrading the retail stock from Equal Weight to Overweight, explaining the stock offers "among the greatest fundamental recapture opportunities."
On the other hand, Morgan Stanley downgraded Foot Locker (FL) to Underweight from Equal Weight and slashed its price target to $18 from $24 due to a weakening sales performance from Nike (NKE).
Morning Brief hosts Seana Smith and Madison Mills break down the calls and check in on the overall state of consumer spending.
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This post was written by Melanie Riehl