Urban Outfitters, Inc. (NASDAQ:URBN) reported earnings results for the third quarter on Tuesday.

The company said quarterly net sales rose 6.3% to a record $1.36 billion and earnings came in at $1.10 per share.

“We are pleased to announce record third quarter sales and earnings, both of which exceeded our expectations. These results were driven by outperformance across all three business segments – Retail, Subscription and Wholesale,” said Richard A. Hayne, Chief Executive Officer. “Additionally, we’re optimistic about the outlook for Holiday demand and believe total comparable sales could be similar to our third quarter results.”

Urban Outfitters shares gained 16.9% to trade at $46.91 on Wednesday.

These analysts made changes to their price targets on Urban Outfitters following earnings announcement.

• Citigroup analyst Paul Lejuez upgraded Urban Outfitters from Neutral to Buy and raised the price target from $42 to $59.
• Telsey Advisory Group analyst Dana Telsey maintained the stock with a Market Perform and raised the price target from $44 to $46.
• Baird analyst Mark Altschwager maintained the stock with a Neutral and increased the price target from $47 to $49.
• B of A Securities analyst Lorraine Hutchinson maintained Urban Outfitters with a Buy and raised the price target from $46 to $53.
• Barclays analyst Adrienne Yih maintained the stock with an Overweight and raised the price target from $43 to $51.
• Morgan Stanley analyst Alex Straton maintained Urban Outfitters with an Equal-Weight and raised the price target from $38 to $41.
• Wells Fargo analyst Ike Boruchow maintained the stock with an Equal-Weight and boosted the price target from $40 to $48

Considering buying URBN stock? Here’s what analysts think:

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