Analysts' Upgrades/Downgrades: J. Crew

J. Crew(JCG) coverage initiated at Goldman Sachs with a Neutral rating, based on balanced risk/reward. See attractive growth profile, controlled store growth, strong direct business, and solid management. Note risk stemming from continued macroeconomic pressures. Price target at $32.

Lululemon(LULU) initiated with a Neutral rating at Goldman Sachs with a Neutral rating, as shares reflect attractive growth story along with operating risks. Note concerns regarding differences between U.S. and Canadian markets and high management turnover. Target at $27.

Urban Outfitters(URBN) coverage initiated at Goldman with a Buy rating. See extremely attractive store growth profile and potential to triple store base in coming years. Believe company can continue to show strength in difficult environment, as assortments are more attractive to budget-constrained shoppers compared to peers. Target at $34.

Stock Comments / EPS Changes

Amgen(AMGN) estimates raised at Jefferies raised to $4.40 from $.36. Maintains Buy rating and $71 price target.

Amgen(AMGN) estimates raised at UBS to $4.27 from $4.17. Maintains Neutral rating and $47 price target.

Clorox(CLX) numbers lowered at UBS to $3.24 from $3.25. Price target lowered to $67 from $75. Maintains Buy rating.

Global Payments(GPN) price target lowered at UBS to $51 from $56. 2008 EPS estimates raised to $2.28 from $2.23. Maintains Buy rating.

Merrill Lynch(MER) numbers lowered at UBS to -$11.36 from -$5.47. Price target lowered to $26 from $30. Maintains Neutral.

Starbucks(SBUX) numbers lowered at UBS to $0.83 from $0.84. Price target lowered to $18 from $19. Maintains Buy rating.

Sohu.com(SOHU) numbers raised at RBC to $91 from $80 and FY09 revenue estimates upped to $513 million from 486 million. Reiterates Outperform rating and Speculative Risk qualifier.