UPDATE: Nomura Raises PT to $35 on Urban Outfitters Post Q3 Results

Nomura reiterated its Neutral rating on Urban Outfitters

but increased its price target from $31 to $35. Nomura noted, "Although URBN missed cons by $0.01, it was just rounding, and by our calcs, if they sold 5 extra pairs of jeans per store over the qtr, they would have made the number. 3Q EPS was $0.40 vs. our est of $0.43 and cons of $0.41. Positives were: 1) Ecom sales +36% , 2) GM +220bps driven by lower markdowns at all divisions, 3) Store comps would have been +lsd, 4) Mgmt pleased with Pick/Pack/Ship initiative and 5) Comp store inventory down 6%. Negatives were 1) Hurricane hurt 3Q comp by 100bps, 2) AUR down 2% and 3) Although Pick/Pack/Ship initiative have been successful, it has required more payroll investment than initially anticipated." Urban Outfitters closed at $37.07 on Monday.