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Gap (GPS) Stock Surges on June Sales, Analysts Remain Cautious

NEW YORK (TheStreet) -- Shares of Gap (GPS) are climbing 4.95% to $22.70 in late-morning trading on Friday after reporting a 2% uptick in June same-store sales.

Analysts were projecting a 3.6% drop in same-store sales for the month, according to Barron's.

By brand, sales fell 1% at Gap vs. estimates of a 2.6% drop, while sales at Banana Republic fell 4% vs. the projected 10.3% decline. Old Navy sales rose 5% in June vs. expectations for a 3.3% decline.

But Cowen & Co., Guggenheim, MKM Partners, RBC Capital Markets and Wedbush all reiterated the equivalent of...