NEW YORK (TheStreet) -- Shares of Gap Inc  (GPS) were slipping, down 1.56% to $37.96 in late morning trading Friday, after analysts at several firms issued negative notes following the fashion apparel retailer's disappointing first quarter results.

Cantor Fitzgerald lowered it price target to $42 from $44 with a "hold" rating this morning.

The firm doesn't see the Gap brand getting back on track anytime soon.

Sterne Agee analysts maintained its "neutral" rating and a $38 price target, saying the weakness in Gap offsets the strength in Old Navy.

Also, Credit Suisse rated Gap an "underperform" with a $34 price target. The firm believes Gap's core brand is losing relevance with consumers. 

Gap reported its first quarter 2015 financial results after the market closed late Thursday.

The company earned 56 cents per share on net sales of $3.66 billion for the period.

Analysts polled by Thomson Reuters were expecting earnings of 56 cents per share on revenue of $3.75 billion.

"With our leadership team in place, we are making the changes necessary to improve our long-term performance, starting with an intense focus on greater product acceptance," company CEO Art Peck said in a statement.

Gap reiterated its full year earnings projections of between $2.75 and $2.80 per share.

Separately, TheStreet Ratings team rates GAP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate GAP INC (GPS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, good cash flow from operations and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: GPS Ratings Report

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