Urban Outfitters (URBN): Notes From Management Meetings - Wells Fargo
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Wells Fargo analyst, Ike Boruchow, reiterated his Market Perform rating on shares of Urban Outfitters, Inc. (NASDAQ: URBN) and raised his valuation range to $32-$34 from $28-$30 after hosting meetings with Frank Conforti, CFO and Oona McCullough, IR.
Amidst a difficult retail backdrop for apparel, the analyst thinks URBN seems to be doing all the right things:
1) inventories are lean and continue to be well managed heading into holiday (down at all brands as of Q2)
2) the UO concept is benefitting from on-trend merchandise (a new fashion cycle appears to be emerging) while markdown levels are at historic lows
3) Anthro, though still not out of the woods, is seeing GM improvement (via improving IMUs) with potential to see improved comp performance in Q4 (as they lap the biggest declines from their women’s apparel challenges).
Following a strong start to the year (URBN +40% vs. SPX +6% since May), the key going forward will likely be more about Anthro’s ability to drive comps/margin, as the benefits seen over the past 12-18 months at UO likely begin to moderate.
Shares of Urban Outfitters, Inc. closed at $35.13 yesterday.
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Related EntitiesWells Fargo, Ike Boruchow
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