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Urban Outfitters Posts Q1 Sales Beat: 3 Analysts Revise Forecasts As Stock Continues To ‘Meaningfully Lag’

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Shares of Urban Outfitters, Inc. (NASDAQ:URBN) tanked in early trading on Wednesday, even after the company reported better-than-expected results for its first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

  • JPMorgan analyst Matthew Boss reaffirmed a Neutral rating, while reducing the price target from $44 to $43.
  • Telsey analyst Dana Telsey reiterated an Outperform rating, while raising the price target from $48 to $49.
  • BMO Capital Markets analyst Simeon Siegel maintained a Market Perform rating and price target of $42.

Check out other analyst stock ratings.

JPMorgan: Urban Outfitters reported its adjusted earnings at 69 cents per share, higher than the Street’s 52 cents per share estimate, with 5% same-store sales growth versus consensus of 3.3%.

The company’s adjusted gross margin expanded by 105 basis points (bps) year-on-year to 34.4%, beating expectations of 33.6%, he added.

The same-store sales outperformance was driven by “continued double-digit comp growth at Anthro …

Full story available on Benzinga.com

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