Analysts' Upgrades, Downgrades: Gap

Change in Ratings

American Eagle Outfitters (AEO) initiated at Jefferies with a Buy rating and $21 price target. Introduces 2008 EPS estimates of $1.40.

Abercrombie & Fitch (ANF) initiated at Jefferies with an Underperform rating and $38 price target. Introduces 2008 EPS estimates of $4.80.

Aeropostale (ARO) initiated at Jefferies with a Hold rating and $32 price target. Introduces 2008 EPS estimates of $2.25.

Aeropostale downgraded at Goldman Sachs to Neutral from Buy based on potential sales deceleration. Note that shares trade at a premium multiple compared to peers. Also see signs of broad weakening across teen retail following back-to-school season. Price target trimmed to $34 from $37.

Concur Technologies (CNQR) downgraded at Jefferies to Hold from Buy. Maintaind $50 price target and 2008 EPS estimates of $0.52.

Cooper Cos. (COO) downgraded at Citigroup from Buy to Hold. $42 price target. Estimates also cut, as a lot of work still needs to be done by management after attending the analyst meeting.

Cree (CREE) upgraded at Oppenheimer to Outperform from Perform based on gaining traction in LED's and strong growth potential from an acquisition. Sets $31 target price.

Cintas (CTAS) downgraded at Citigroup from Hold to Sell. $27 price target. Estimates also cut as uniform-wearing jobs are declining, and input costs are rising.

Gap (GPS) upgraded at Goldman Sachs to Buy from Neutral based on earnings drivers that may overcome challenging holiday retail environment. Price target raised to $21 from $19.