UPDATE: Deutsche Bank Raises PT to $32 on Urban Outfitters

Deutsche Bank increases its price target $2 to $32 on Buy-rated Urban Outfitters URBN as the company announces gross margin results. Deutsche Bank notes, "With 4Q sales already announced, Monday's EPS results will focus around gross margin and the degree to which promotions were used to clear product. While we already know from mgmt. that inventories ended 4Q 'clean', we suspect this came at a higher cost than consensus anticipates. Reducing 4Q EPS to $0.25 vs. $0.30 consensus. That said, we believe the stock's strong retracement since CEO Senk's mid-Jan. departure has been more about anticipating positive contributions from a new (again) mgmt. team in 2H12/2013." URBN closed at $28.24 a share yesterday.