Gap, Under Armour fall after Barclays' downgrades amid intense competition

Barclays also downgraded Under Armour to underweight from equal weight, citing intense competition, weak pricing power and the likelihood of a longer-than-expected turnaround.

Shares were down 3% to $5.71 premarket.

However, Barclays upgraded Abercrombie & Fitch to equal weight from underweight, citing lower tariff pressure and improving full-price selling. It raised Abercrombie's price target to $114 from $78. Shares were up about 1% at $119.94 premarket.

Barclays downgraded Gap to equal weight from overweight, citing heavier discounting at Old Navy and Banana Republic and concerns that recent profit gains may be harder to sustain.

It cut its price target to $20 from $26. Shares were down 2% at $21.08 in premarket trading.