Mizuho Securities Reiterates Neutral on Urban Outfitters (URBN) Following EPS 3Q Miss
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Mizuho Securities reiterated a Neutral rating and $32.00 price target on Urban Outfitters, Inc. (NASDAQ: URBN) following the company's 3Q earnings report. URBN reported 3Q EPS of $0.40, compared to $0.42 LY. EPS was below consensus’ $0.44 estimate.
Analyst Betty Chen commented, "We are lowering our estimates to reflect a 3Q miss and ongoing pressure in 4Q and FY17. With high expectations into the print driven by hopes of a major silhouette change, we expect URBN to sell off on (1) deceleration at all 3 brands, (2) lack of visibility into Anthro’s turn as apparel weakens, and (3) reduced 2H gross margin. We believe 4Q QTD comps trend similar to 3Q despite easier compares, implying continued slowdown. With declining consensus estimates, we expect URBN to re-rate to 15x P/E (in-line with the group) and remain range bound."
Shares of Urban Outfitters, Inc. closed at $39.01 yesterday.
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