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Gap (GPS) Stock Higher, Price Target Increased at Jefferies

NEW YORK (TheStreet) -- Shares of Gap (GPS) were rising in early morning trading on Friday as Jefferies upped its price target to $30 from $26 this morning.

The firm reiterated its "buy" rating on the San Francisco-based clothing and accessories retailer and said the company's second quarter results demonstrate Gap is "moving in the right direction."

After yesterday's closing bell, Gap reported higher-than-expected second quarter earnings of 60 cents per share, beating analysts' expectations by a penny. Revenue was $3.85 billion, above Wall Street's projected $3.79 billion.

Gap will...