Is Gap’s Turnaround Finally Working?

After two decades of failed comeback attempts, there is a growing consensus on Wall Street that Gap’s latest turnaround might just be the one that sticks.

On Tuesday, investment bank TD Cowen upgraded Gap Inc.’s stock from hold to buy, the fourth such ratings change by a retail analyst this year. Cowen’s Jonna Kim praised the company for “encouraging signs of brand transformation at Gap, more sustained growth at Old Navy and the…