Jefferies Reiterates Underperform, $17 PT on Urban Outfitters

Jefferies reiterates its Underperform rating and price target of $17 on Urban Outfitters, Inc.

on expectations of another poor quarter. Jefferies commented, “We estimate 3Q EPS of 30c vs. consensus of 33c. Our outlook bakes in SSS including online down 3% with stores only down 7% (already reported). We expect significant GM% pressure (-450bps) driven by increased markdowns as the company continues to struggle with slow moving product.” URBN closed up 2.48 percent to $26.82 per share on Friday.