Top gainers last week
On September 6, Gap (GPS) announced its restructuring plans at the Goldman Sachs 24th Annual Global Retailing Conference. Last week, many brokerage firms raised the target price for the stock after the restructuring announcement. On September 11, Deutsche Bank raised the target price for the stock to $26 from $24. On September 12, Jefferies raised the target price to $39 from $35 with a “buy” rating. J.P. Morgan increased the target price to $30 from $28. Of the surveyed analysts, 14% of the analysts rated the stock as a “buy,” 68% rated it as a “hold,” and 18% rated it as a “sell.” The stock rose ~9.0% in the week ending September 15.
On September 12, Goodyear Tire & Rubber (GT) announced its plans to create a new facility in Luxembourg. The company plans to invest $77 million in the modernized facility. The new facility will use an innovative manufacturing process to produce premium tires. The facility is expected to generate ~70 new and full-time positions and produce ~500,000 tires annually. Goodyear Tire & Rubber stock rose 7.0% last week.