Deutsche Bank Maintains Buy Rating and $31 PT on Urban Outfitters

A report from Deutsche Bank reiterates its Buy rating and $31 price target on Urban Outfitters URBN. The report states, “Into Monday's 3Q EPS release, we remind investors that sales are preannounced at $610M and a -3% total segment comp (+14% @ Free People, flat @ the UO brand, and -7% @ Anthro). Beyond revenues, consensus already anticipates 3Q and 4Q OM declines of 550bp and 280bp respectively. So while the 2H P&L remains uncharacteristically weak, we think that ‘the story' is more about the opportunity for 2012 product improvement and mgmt. stability.” URBN closed Friday at $26.82.