Investing.com -- Jefferies has cut its rating for Gap to Hold from Buy, citing weakening trends at its Old Navy brand and tougher comparisons in the second half of the year. The firm said its data shows Old Navy trends weakening. Tarlowe flagged the second quarter as "the easiest compare of the year," with Old Navy lapping 2% same-store sales before significantly harder second-half comparisons, including a 6% figure in the third quarter. Together, the weakening Old Navy data, tougher second-half compares and a less material near-term beauty contribution reduced the firm's confidence, prompting the downgrade. Related articlesJefferies cuts Gap to Hold as Old Navy trends weaken5 reasons why Jefferies thinks Meta's pullback is a buying opportunityAs Claude disrupts stock market, Anthropic researcher warns 'world is in peril'