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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