Gap Inc. (GAP) shares rose nearly 2% in premarket trading on Friday after Jefferies upgraded the stock to ‘Buy’ from ‘Hold,’ noting that the apparel maker’s new management has delivered a "strong turnaround" at both the Gap and Old Navy brands.

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Jefferies also lifted its price target on Gap to $30, from $22, according to TheFly. The firm noted that there remains "meaningful upside" for the shares, particularly as Athleta's recovery gains traction.

In 2023, Gap appointed Richard Dickson as CEO to revive its fortunes. Dickson is known for turning around the Barbie brand at Mattel, and so far at Gap, has been able to help the company stabilize its sales and attract customers to its Old Navy and namesake brand.

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