Wedbush Raises Price Target on Urban Outfitters (URBN) to $34; Reiterates Neutral

August 17, 2016 9:32 AM EDT
Get Alerts URBN Hot Sheet
Price: $26.56 +1.84%

Rating Summary:
    14 Buy, 30 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 18 | New: 11
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Wedbush reiterated a Neutral rating on Urban Outfitters, Inc. (NASDAQ: URBN), and raised the price target to $34.00 (from $29.00), following the company's 2Q earnings report. Top-line growth at Urban Outfitters benefited from a significant shift to exclusive/proprietary product. Customers responded to exclusive styles from adidas, Wrangler, Fila, and Calvin Klein.

Analyst Morry Brown commented, "With an impressive top and bottom line beat, the URBN narrative has shifted to one of offense (executives even fielded a question on the conference call asking when they might feel comfortable increasing inventory buys). UO is the farthest along, with 2Q comps reaching +MSD (despite a tough May), margin rates nearing peak and executives highlighting an improving fashion environment that should benefit 2H16. Anthro’s results were most surprising, as the division generated higher YOY segment margins despite negative comps and softness in apparel. With expectations rising following the 2Q beat, and margin rates now baking in YOY improvement, we suspect the next leg in the stock will be determined by the pace of Anthro’s return to positive comps."

For an analyst ratings summary and ratings history on Urban Outfitters, Inc. click here. For more ratings news on Urban Outfitters, Inc. click here.

Shares of Urban Outfitters, Inc. closed at $31.24 yesterday.

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