Urban Outfitters falls as Jefferies downgrades on recovery risk

Urban Outfitters

17/04/2024 15:14

** Shares of Urban Outfitters  URBN.O  fall 2.63% to $37.02
after Jefferies downgrades stock to "underperform" from "hold"
    ** "We have identified a notable deceleration in rolling
3-month foot traffic to all three of  URBN's  brands"- brokerage
    ** Brokerage has meanwhile seen an acceleration in foot
traffic trends at competitors such as Abercrombie
    ** "We see added risk to the URBN recovery narrative in
2024, with the continued growth of Shein and Abercrombie, as we
see market share shifts remaining sticky"- brokerage
    ** Jefferies' revised PT of $32 from $42 represents a
downside of about 16% to current stock price
    ** Shares of URBN gained 43.4% in last 12 months, as of
previous close

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))