BMO Capital analyst Simeon Siegel reiterated a Market Perform rating and $42.00 price target on Urban Outfitters, Inc. (NASDAQ: URBN).

The analyst commented, "URBN's top-line beat (driven by Anthropologie/Free People) and better GM drove 1Q's EPS beat. While Gross Margin came nicely ahead (of both Street/guidance) due to higher IMU (at all brands), partially offset by higher markdowns (mostly at UO) and Nuuly-driven logistics deleverage, management guided 2Q GM below. While UO continues to underperform, management is targeting sequentially improving performance through the year, with initiatives in place (better speed-to-market capabilities, skewing to opening- price points in women's accessories and home, altering the marketing strategy)."

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Shares of Urban Outfitters, Inc. closed at $41.32 yesterday.