UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Urban Outfitters on Balanced Risk/Reward

In a report published Tuesday, Jefferies analyst Randal J. Konik reiterated a Hold rating on Urban Outfitters

, and raised the price target from $36.00 to $38.00. In the report, Konik noted, “The URBN story continues to chart its course of topline and margin improvement with the Urban Outfitters brand delivering well against a tough compare and traction building at Anthropologie. However, we believe the stock already bakes in the progress and we don't see enough near-term catalysts to generate meaningful upside from here. Maintain Hold rating.” Urban Outfitters closed on Monday at $44.49.