Citi downgrades several apparel stocks, including Gap, because of inflation hitting consumers

Men wearing face masks walk past a Gap store at a shopping area, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020.

Jason Lee | Reuters

A squeeze on lower-income consumers as shown by last week’s earnings reports are a “wake-up call” for retail companies including Gap, according to Citi.

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