Morgan Stanley: Urban Outfitters 'Held Up Well Against A Tough Compare'

Kimberly Greenberger of Morgan Stanley commented in a note on Wednesday that Urban Outfitters (NASDAQ: URBN) “held up well against a tough compare.”Greenberger notes that the company's ability to deliver a positive quarter to date comp (estimated at two to three percent) is “commendable,” especially in the context of the company's tougher mid-single digit (estimated at five percent) quarter to date compare a year ago.Greenberger also states that the company's Anthro concept remains “as strong” as it was in the third quarter on and may have contributed six to seven percent comp. The analyst adds that the company's Free People concept may have delivered a mid-teens comp.Greenberger concludes by stating that Urban Outfitters is the “best positioned” apparel retailer in a “tough category” and that the company's strong management, differentiated product and industry leading eCommerce initiatives will help boost sales.Shares are Equal-weight rated with a $31 price target.