The shares of Gap Inc (NYSE:GPS) are moving higher today, after Barclays upgraded the retail stock to "overweight" from "equal weight," with a price-target hike to $13 from $9. At last glance, GPS was up 2.7% at $10.58.
Gap stock has been rallying on the charts since late May, adding 13.4% last week. The stock's 200-day moving average is keeping a cap on gains today, however. Year-to-date, the equity is down 5.7%.
Today's bull note was much needed, as 17 of the 20 in coverage still carry a "hold" or worse rating. The 12-month consensus price target of $10.54 is roughly in line with current levels. It's also worth noting that short interest represents 177.6% of the stock's available float. It would take four days for shorts to cover their bets, at GPS' average pace of trading.
It's also worth noting the stock's 10-day call/put volume ratio of 11.06 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Not only does that show calls outnumber puts by an 11-to-1 ratio, but that ratio sits higher than 97% of all other readings from the past year, indicating a healthier than usual appetite for these bullish bets over bearish of late.
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