Urban Outfitters (URBN): Nice Beat But After Hours Move Brings The Stock To Fair Value - Piper Jaffray
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Piper Jaffray analyst Neely Tamminga, reiterated her Neutral rating on shares of Urban Outfitters, Inc. (NASDAQ: URBN) after the company reported earnings. The analyst is encouraged by indications that URBN Inc. is performing well enough in a tough environment, but maintains a Neutral rating on the view that the stock will trade at fair value on the other side of FQ2 earnings.
FQ2 EPS of $0.66 came in well ahead of expectations ($0.55 by the street). Comparable store sales increased by 1% in the quarter with divisional performance, as follows: UO, +5%; Anthropologie, (3%); and Free People, flat. Gross margins expanded year-over-year by 180 bps reflecting improved merchandise margins primarily at UO and Anthropologie. Inventory levels remain lean following FQ1's (9.5%) y/y decline; FQ2 inventory levels were down (4%) y/y.
The analyst sees what appears to be stability in interest in apparel thus far this back-to-school/early fall selling season, indicative of interest in fashion and particularly denim-anchored looks.
The price target of $42.00 is up from $32.00
Shares of Urban Outfitters, Inc. closed at $31.24 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Neely Tamminga
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