Urban Outfitters (URBN) Shares Ready to Break Out -Morgan Stanley

Traders are bidding up shares of Urban Outfitters (Nasdaq: URBN) Tuesday afternoon following the addition of the stock to Morgan Stanley's "Best Ideas" list earlier.

The firm believes the recently-rangebound stock is ready to break out as the company has shaken-up management and "decisively" cleared excess product. Earnings could double over the next three years, according to Morgan Stanley.

The firm boosted its price target on Urban Outfitters shares from $31 to $36. An Overweight rating is maintained.

With shares up 3.2 percent to $30.42 at last check, Morgan Stanley's new price target implies potential upside of about 18 percent.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Urban Outfitters.

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