UPDATE: Ascendiant Raises PT on Urban Outfitters on Better-Than-Expected Q1 Results

In a report published on Tuesday, Ascendiant analyst Elizabeth Pierce raised the price target on Urban Outfitters

from $47.00 to $50.00 and maintaining a Buy rating. In the report, Ascendiant noted, "Total sales increased 14% to $648 million while total comparable retail segment (includes direct) sales were up 9% versus up 2% last year. Comps by division were +44% at Free People (versus +1.7%), +8% at Anthropologie (versus -1.5%) and +6% at Urban (versus +6%). Gross margin increased by 125 bps to 36.8% due to lower markdowns, especially at Anthropologie and higher initial merchandise margins while SG&A levered by 70 bps to 25.6% due to strict direct store and selling expense control. Operating margin increased 196 bps to 11.3%." Urban Outfitters is currently trading at $44.14.