UPDATE: JP Morgan Raises PT to $48 on Urban Outfitters on Accelerating Comps

JP Morgan reiterated its Overweight rating on Urban Outfitters (NASDAQ: URBN) and raised the price target from $45.00 to $48.00.JP Morgan commented, "URBN's holiday strength further served to illustrate the company's ongoing turnaround progress, even in the face of difficult promotionally driven compares from last year. We continue to believe in the longer term growth opportunities with an emphasis on the ongoing margin opportunity through improving markdown rates, structural benefits from the omni-channel push and ultimately expense leverage. As such, we continue to expect that with inventory under control and management focused on improving product offerings, URBN represents an attractive growth opportunity with significant runway for both top and bottom line growth and we reiterate it as our best idea for 2013."Urban Outfitters closed at $42.75 on Friday.