UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Urban Outfitters Following Soft 4Q Sales

In a report published Tuesday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Overweight rating on

, but lowered the price target from $49.00 to $46.00. In the report, Morgan Stanley noted, “URBN reported below consensus 4Q sales, indicative of the tough January across Softlines. We expect the softness to persist through 1Q. However, UO process improvements lead to a 2H recovery, in our view. At 15x FY15 P/E valuation looks attractive and we remain Overweight.” Urban Outfitters closed on Monday at $36.64.