Janney Montgomery Scott Reiterates a 'Buy' on Urban Outfitters (URBN); Recovery is on Track

Janney Montgomery Scott reiterates a 'Buy' on Urban Outfitters, Inc. (NASDAQ: URBN) price target of $36.00.

Analyst, Adrienne Tennant, said, "We continue to remain confident in URBN as a back half 2012 turnaround story, driven by reduced markdown activity and improved product at both core divisions. We are encouraged by inventory levels that appear on plan for the quarter and believe that the promotions during the quarter have been largely on plan. The company remains focused on driving full price comps and improving merchandise margins at both the Urban Outfitters and Anthropologie divisions."

Tennant remains comfortable with 2Q12 EPS of $0.33 (versus consensus of $0.33). We are also maintaining our FY12 and FY13 EPS estimates. FY12 EPS estimate remains $1.52 (versus consensus of $1.46); and FY13 EPS estimate remains $1.82 (versus consensus of $1.80).

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 $31.01 yesterday.

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