Brean Murray Carret & Co Raises Estimates on Urban Outfitters

According to a research report this morning, Brean Murray Carret & Co raises FY13 EPS from $1.40 to $1.46 on Urban Outfitters URBN following the $0.08 upside to its 1Q projections. Brean Murray Carret & Co explained, “We continue to assume gross margin upside in 2H, which is the lynchpin for management's back half optimism, remains muted as the company's top line comp growth remains weak and we believe the focus on full price selling will be difficult; we continue to believe the current color driven fashion trends do not serve to drive strong results for the company.” Urban Outfitters closed yesterday at $26.16 as Brean Murray Carret maintains its Sell rating and $23 PT.