UPDATE: Canaccord Genuity Raises PT to $38 on Urban Outfitters On Accelerating Sales

Canaccord Genuity reiterated its Hold rating on Urban Outfitters

and raised its price target from $26 to $38. Canaccord Genuity commented, "Our FY13 EPS estimate OOOur FY13 EPS estimate moves $0.16 higher to $1.59 moves $0.16 higher to $1.59, , above , , above prio prior consensus of $1.46. We are raising our FY13 comparable retail sales estimate by 180bps to +3.3% on top of a flat performance. On the higher sales we now project a 40bps increase in the SG&A expense compared with our prior estimate of deleverage of 120bps. Our recent store checks uncover OOOur recent store checks uncover better better fashion trends. fashion trends. We still see some questionable colors and patterns, particularly at Anthropologie, but the overall impression is much improved." Urban Outfitters closed at $31.28 on Monday.