UPDATE: Wedbush Raises PT to $38 on Urban Outfitters on 10Q Update Implying Sale Strength

Wedbush reiterated its Neutral rating on Urban Outfitters

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.