10:59 AM EDT, 05/31/2024 (MT Newswires) -- (Updates with stock movement in the headline and first paragraph.)

Gap (GPS) shares jumped 23% in recent Friday trading, a day after the company reported Q1 fiscal earnings and revenue that topped estimates by analysts.

Fiscal Q1 earnings were $0.41 per diluted share, compared with a loss of $0.05 a year earlier, the company said Thursday. Four analysts polled by Capital IQ expected earnings of $0.18.

Net sales in the quarter ended May 4 rose to $3.39 billion from $3.28 billion a year earlier. Analysts surveyed by Capital IQ expected $3.29 billion.

Analysts including BofA Securities, Morgan Stanley and Baird boosted their price targets on Gap stock.

Price: 27.71, Change: +5.19, Percent Change: +23.05