UPDATE: FBR Downgrades Urban Outfitters - Urban Outfitters (NASDAQ:URBN)

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FBR & Co. on Thursday downgraded

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Urban Outfitters

(NASDAQ: URBN) to a Market Perform rating. FBR analyst Susan Anderson stated, "we believe the stock will trade sideways in 2014 driven by continued UO weakness and the potential for Anthro/FP to slow with tougher compares in 2H14."Anderson cited that there is no near-term catalyst in site to turn around UO, and increase competition from e-commerce, fast fashion, international entrants and spending shifts are shifting teen/young adult landscape.With high prices compared to competitors, Anderson says, reducing price points or elevating its consumer age both have drawbacks. Anderson believes that the best option is, "move to the sidelines until we see a clear turnaround strategy for UO, an improvement in teen/young adult economic fundamentals that allows for spending at higher price points, or a more attractive entry point."URBN closed on Wednesday at 36.67 ,down from its opening price of 37.09.