Analysts' Upgrades, Downgrades: Ford

CHANGE IN RATINGS

American Eagle Outfitters (AEO Quote) upgraded at Barclays. Rating raised to Overweight from Equal weight. Price target raised to $20 from $10. 2009 EPS estimates raised to $0.88 from $0.70.

Abercrombie & Fitch (ANF Quote) upgraded at Keybanc from Underweight to Buy. $32 price target. Company has underperformed its peers year-to-date, but still has core earnings power of $2 a share.

Buckle (BKE Quote) downgraded at Keybanc from Hold to Underweight. $27 price target. Company is facing lower potential growth, especially in Menswear.

Cardinal Health (CAH Quote) rated new Buy at Jefferies. $45 price target. Company is trading below break-up value, based on the expected spin-off of CareFusion.

Chesapeake Energy (CHK Quote) upgraded at Morgan Stanley from Equal-weight to Overweight. $34 price target. Company is leveraged to a recovery in natural gas prices.

Chicos (CHS Quote) upgraded at Barclays to equal weight from underweight and price target increased to $10 from $3.50. It would not be a good idea to chase CHS here given the recent move, but an underweight rating in the face of an improvement in the comp trend and some well managed inventory is the wrong call. CHS comp trends improved modestly, though a negative (-6%) for the quarter indicates the division remains a work in progress. The core division was less promotional than LY and think gross margins improved to positive. Inventory should end the quarter at or below the sales rates at both divisions, which could set the stage for further margin improvement.

Ciena (CIEN Quote) downgraded at JMP Securities from Market Perform to Underperform. $9 price target. Key customers are aggressively cutting back on capital expenditures.