UPDATE: Canaccord Genuity Lowers Urban Outfitters' PT

According to a research report published this morning, Canaccord Genuity has lowered Urban Outfitters'

PT from $27 to $26. In the report, Canaccord Genuity said, "URBN reported Q1 EPS of $0.23, $0.03 ahead of our forecast and consensus. Comparable retail sales, which include DTC sales, increased 2% on top of -1%, falling 200bps short of our estimate. Upside to our estimate was primarily the result of less gross margin contraction than we had projected. Warmer weather in Q1 likely pulled sales forward, and we estimate consolidated comparable retail sales will decline 1.4% in Q2 on top of +1%, driven by an 8% decline at Anthropologie. We are reducing our Q2 EPS estimate by $0.07 to $0.31. We believe URBN shares are fairly valued trading at 18x our 2012 EPS estimate." Canaccord Genuity maintains its Hold rating on Urban Outfitters, which closed yesterday at $26.16.