Credit Suisse analyst Michael Binetti downgraded Gap to Underperform from Neutral with a price target of $14, down from $20. In a research note to investors, Binetti says he thinks structural challenges are poised to accelerate in 2020 and thinks consensus estimates for 2020 are likely to be revised significantly lower. He believes the pending spinoff of Old Navy will ultimately prove to have been destructive to equity value and has low confidence that the company will be able to achieve the offsets to dis-synergy costs laid out in its recent presentation. The analyst also downgraded L Brands (LB) and Macy's (M).