Sterne Agee Maintains Neutral on Urban Outfitters After 10-Q Filings
Sterne Agee has published a research report on Urban Outfitters (NASDAQ: URBN) after the company filed its 10-Q for quarter-to-date updates.
In the report, Sterne Agee writes, "Urban Outfitters filed its 10-Q with commentary that quarter-to-date comps gained mid-singles. The comps were similar at both key brands (Urban and Anthropologie), reflecting improvement from the flat and -7% comps reported in Q3, respectively. Free People's comps were similar in trend to Q3. Promotions on Black Friday weekend with an extra percent off sale drove strong traffic at the two key brands as URBN has been focused upon narrowing the gap between sales and inventories by year end with the gap at the end of Q3 at 20 points with inventories up 27% and sales up 6.3%. Men's apparel continued to outpace women's at Urban Outfitters despite a new holiday line with expansion in holiday dresses."
Sterne Agee maintains its Neutral rating and $28 price target on Urban Outfitters, which is currently trading down $0.53 from yesterday's $27.88 closing price.
