URBN - Urban Outfitters earnings beat moves Barclays to Buy
2023-05-24 10:40:10 ET
Urban Outfitters ( NASDAQ: URBN ) shares rocketed to a double-digit gain on Wednesday after topping Q1 estimates, encouraging analysts to grow more bullish as well.
The retailer reported record net sales for the quarter , bolstered by strength both in-store and online. The positive print as also abetted by spikes in comparable retail segment net sales, up 17% at the Free People Group and 13% for the Anthropologie business. Urban Outfitters ( URBN ) also reported a 6.3% drop in its inventory position, easing margin pressures.
Based upon the positive results, Barclays analyst Adrienne Yih upgraded the stock to Buy and hiked her price target to $38 from $27.
“On the back of URBN’s across-the-board solid 1Q23, we upgrade shares to Overweight based on positive inflections in our sales-to-inventory risk and inventory productivity metrics combined with positive sales growth,” she told clients. “We believe URBN is among the best positioned in a slowing macro consumer backdrop.”
Shares of Urban Outfitters ( URBN ) accelerated 1 5.68% higher during Wednesday’s trading.
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Urban Outfitters earnings beat moves Barclays to Buy