Goldman Sachs Downgrades Urban Outfitters, Inc. (URBN) to Neutral
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(Updated - August 22, 2016 8:33 AM EDT)
Goldman Sachs downgraded Urban Outfitters, Inc. (NASDAQ: URBN) from Buy to Neutral with a price target of $35.00 (from $33.00). Analyst Lindsay Drucker Mann said valuation appears full.
"We downgrade URBN to Neutral from Buy as our thesis on the Urban Outfitters brand has played out following the 2Q earnings beat. We believe URBN has successfully turned around the UO brand as it is now realizing healthy mid-single digit comps growth and near-peak merch margins. At the consolidated level, we believe merch margins are near average levels, with less room for meaningful improvement form here," said Drucker Mann.
Shares of Urban Outfitters, Inc. closed at $37.81 yesterday.
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