UPDATE: Wedbush Raises PT to $38 on Urban Outfitters on 10Q Update Implying Sale Strength
Wedbush reiterated its Neutral rating on Urban Outfitters (NASDAQ: URBN) and raised its price target from $33 to $38.
Wedbush said, "URBN filed their 10Q (Q3-end) indicating current trends: “Thus far during the fourth quarter of fiscal 2013, comparable retail segment net sales are highsingle digit positive,” above our and consensus +4.7% expectation for Q4. As this is inclusive of the DTC business, we believe comps may be trending +LSD to +MSD in retail stores. This update suggests acceleration in sales trends relative to Q3 on a 2-year stacked basis."
Urban Outfitters closed at $38.65 on Tuesday.
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