Tuesday's Analysts' Upgrades, Downgrades

Change in Ratings

C.H. Robinson(CHRW Quote) downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $63 and $2.07, respectively.

Gap(GPS Quote) downgraded at Citigroup to hold from buy based on valuation. Note 26% rise since late July vs. sector decline. See benefits to earnings from inventory control and cost savings as being priced into shares at current price. Target at $23.

Qualcomm(QCOM Quote) upgraded at Merrill from neutral to buy with a $48 price target. Expect a strong 3G migration cycle and an improved litigation outlook.

THQ(THQI Quote) upgraded at Citigroup from hold to buy with a $29 price target. Stock is down 26% year to date. But the stock is building a base, and sentiment is not likely to move lower in the near term.

Tiffany(TIF Quote) downgraded at Oppenheimer from outperform to perform. Valuation call. Despite the company's higher guidance, U.S. comp. sales trends will likely deteriorate in the second half of the year.

Yahoo!(YHOO Quote) upgraded at Citigroup from hold to buy with a $34 price target. Stock is trading at a 6% discount to Microsoft's(MSFT Quote) offer, which is likely to be further increased.

Stock Comments/EPS Changes

Aircastle Limited(AYR Quote) numbers cut at Jefferies. Price target lowered to $16.50 from $28 and 2008 EPS estimates dip to $1.89 from $2.00. Reiterates buy rating.

CA(CA Quote) price target raised at Goldman by $1 to $30 based on operational improvements including divestitures of unprofitable businesses and direct sales cuts in Asia. Also note solid recurring revenue streams. Maintained buy rating.

Humana(HUM Quote) target increased at Goldman to $57 from $54 based on continued valuation recovery. Note that company derives earnings from Medicare Advantage rather than price-sensitive commercial risk business. Maintained buy rating.

UnitedHealth(UNH Quote) estimates lowered at Deutsche Bank by 16 cents to $3.85 a share due to Fed rate cuts, more conservative commercial risk enrollment assumptions and more subdued Medicare advantage growth. Maintained buy rating.