BofA Securities Reiterates Buy Rating on Urban Outfitters, Inc. (URBN)
BofA Securities analyst Lorraine Hutchinson reiterated a Buy rating and $52.00 price target on Urban Outfitters, Inc. (NASDAQ: URBN)
The analyst comments "URBN posted a nice beat, with strong sales growth at Anthropologie & Free People (FP) but continued weakness at Urban (UO). Better GM, improving QTD trends at UO & momentum at the other brands were positives. Lower 2Q GM guidance was disappointing, but this clearance should position UO for a better 2H. We are raising our F25/26E EPS estimates by 2%/1% to $3.61/$4.15 to reflect the 1Q beat (69c vs. our 48c) and maintaining our $52 PO (still 7x EV/EBITDA). We expect continued momentum at the core brands and see further GM improvement opportunities and reiterate our Buy rating."
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Shares of Urban Outfitters, Inc. closed at $41.32 yesterday.