Oppenheimer: Urban Outfitters' Update Encouraging

In a research report published earlier today, Oppenheimer said Urban Outfitters'

newly released QTD comps and LSD results were positive compared to last year's update. According to Oppenheimer, “Unlike 4Q's 2% comp, we believe results were largely full-price driven, speaking to improved merchandising/inventory controls across divisions with Urban Outfitters continuing to gain momentum more aggressively. We continue to assert 4Q was the bottom and that URBN is firmly on the road to recovery. Plus we suspect an imminent buyback announcement (CEO Dick Hayne is historically a big proponent and post the completed 20.5M program in FY12 no authorization in place). URBN remains a top long-term pick. Reiterate Outperform.” Oppenheimer maintains its $35 PT on Urban Outfitters, which closed yesterday at $29.54.