These Analysts Increase Their Forecasts On Urban Outfitters Following Strong Q1 Earnings

Urban Outfitters, Inc. URBN posted better-than-expected first-quarter results after Wednesday’s closing bell.

Urban Outfitters reported quarterly earnings of $1.16 per share, which beat the analyst consensus estimate of 82 cents by 41.46%. Quarterly revenue clocked in at $1.33 billion, which beat the Street estimate of $1.28 billion.

"We are excited to announce record first quarter revenues and profits," said Richard A. Hayne, CEO of Urban Outfitters. "Our success was driven by positive sales growth and improved profitability across all brands and segments. We believe these results demonstrate the strength of our brands and the effectiveness of our strategy, giving us confidence in URBN's continued success."

Urban Outfitters shares fell 2.8% to close at $59.60 on Wednesday.

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

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JP Morgan analyst Matthew Boss upgraded Urban Outfitters from Neutral to Overweight and raised the price target from $63 to $78.
Wells Fargo analyst Ike Boruchow maintained the stock with an Equal-Weight rating and raised the price target from $55 to $70.
Morgan Stanley analyst Alex Straton maintained Urban Outfitters with an Overweight rating and boosted the price target from $62 to $77.

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