Wells Fargo Securities Reiterates Neutral Rating on Urban Outfitters on Reduced Q3 2013 Comp Estimate

In a report published Monday, Wells Fargo Securities analyst Paul Lejuez reiterated a Neutral rating on Urban Outfitters URBN. In the report, Wells Fargo Securities noted, “We are reducing our Q3 2013 comp estimate from +7-8% to +5-6% and our EPS estimate from $0.49 to $0.46. Our FY2013E is now $1.93 vs. $1.99 previously. Though URBN is not necessarily a teen retailer, it seems to be suffering from the same sickness that is causing traffic and sales weakness in the mall, particularly in the Urban Outfitters concept. A strong Anthro and Free People business provides some insulation, but Urban is not immune, in our view.” Urban Outfitters closed on Friday at $35.90.