Seeking Alpha

Cowen: Athleta a $1.5B brand

  • Cowen is out with a positive note on Gap (GPS +1%), noting the "gaining momentum" for the Athleta brand.
  • The investment firm see the Athleta business potentially growing to $1.1B in sales and $200M in EBITDA in three years.
  • After crunching some valuation numbers, Cowen finds a brand value of $1.5B for Athleta leaving the remaining businesses at Gap undervalued compared to forward EBITDA multiples.
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