UPDATE: BMO Capital Markets Downgrades Urban Outfitters to Market Perform on Slower Turnaround
BMO Capital Markets downgraded Urban Outfitters (NASDAQ: URBN) from Outperform to Market Perform and maintained a $45.00 price target.
BMO Capital Markets commented, "While the core Urban brand has recovered nicely (and we expect that momentum to continue), we thought we'd see clearer signs of traction at Anthropologie by this point. The division has indeed made improvement with respect to product and pricing for Spring, but overall remains a work in progress. We now believe the turnaround will be more moderately paced, especially against the backdrop of a mixed consumer this spring. At 40% of the business, more headway with Anthro is important to the pace of improvement and therefore the pace of upside on the stock."
Urban Outfitters closed at $41.43 on Thursday.
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