I Think Gap (GAP) “Turns Out to be the Winner,” Says Jim Cramer

We recently published Jim Cramer Discussed These 11 Stocks & Commented On A Market Reversal.  The Gap, Inc. (NYSE:GAP) is one of the stocks Jim Cramer discussed.

Apparel retailer The Gap, Inc. (NYSE:GAP) is currently in the middle of a tough turnaround through which it is consolidating its brands and cutting down costs. Cramer has discussed the efforts several times in his morning appearances and expressed optimism about the firm’s CEO in most of these. The Gap, Inc. (NYSE:GAP) reported its fiscal third quarter earnings last week, which saw the firm’s $3.94 billion in revenue and $0.62 in earnings per share beat analyst estimates. The Gap, Inc. (NYSE:GAP)’s shares closed 8.2% higher on Friday, and Cramer attributed the after-hours jump on Thursday to the firm’s earnings report. In this appearance, he opined that the shares could go higher:

“I also think that Gap turns out to be the winner in apparel. That was extraordinary, the Richard Dickson turnaround in Gap is extraordinary. This is Banana Republic, was bad last month, it turned around, I mean last quarter. The 7% of Gap, the flagship, is amazing. But it’s the Old Navy [inaudible], that is one of the most incredible turns. And I saw the wag bears saying that Athleta was down 11, but that’s because they’re cleaning up Athleta. This is an amazing stock and it can go much higher.

“See now there, there’s different, when I talked about last night, which is that wait and see what’s kind of holding . . .Gap Stores will be great, these are the new anointed ones, they’re the survivors. Okay?”

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Disclosure: None. This article is originally published at Insider Monkey.