1414 ET - Investors are celebrating better-than-feared trends for Old Navy, Gap's biggest brand, after the parent company's latest quarterly results, TD Cowen says in a note. Heading into the print, investors had grown increasingly pessimistic over concerns that weakness at Old Navy would continue through the second half of the year, analysts Jonna Kim and Oliver Chen say. Those worries didn't materialize, with management cutting guidance by less than expected and noting improving trends in August, they say. The company expects Old Navy to get a boost in the second half of the year from new leadership, improvements to product and pricing as well as refined marketing initiatives, the analysts say. Still, further upside for Gap's stock will likely depend on whether Old Navy can show sustained improvement in traffic and comparable sales, they say. Gap surges 13%.