Gap's CEO Resigning Triggers Numerous Downgrades; Apple Upgraded

The Gap (GPS) and Advanced Micro Devices (AMD) are downgraded while Apple (AAPL) gets an upgrade in Thursday's Analysts' Actions. The Gap's CEO Glenn Murphy resigning next year has some analysts concerned. The retailer was downgraded at Wells Fargo (WFC), Janney and Sterne Agee among other firms. Wells Fargo is now rating Gap a MARKET PERFORM from OUTPERFORM. Janney and Sterne Agee downgraded the stock from a BUY to NEUTRAL. Apple was raised to an OUTPERFORM at Oppenheimer. The upgrade stems from the expectation the new iPhone will 'be the most successful launch to date with excellent sales prospects well into 2015.' A $115 price target is set for the stock. Advance Micro Devices (AMD) was downgraded to a NEUTRAL from OUTPERFORM at Wedbush. Its price target was also lowered to $3 from $6 a share. The analysts there say 'a CEO change is a big positive but timing makes us worry turnaround might have stalled.'