Urban Outfitters rises after Q3 sales beat

Urban Outfitters

27/11/2024 12:49

** Apparel retailer Urban Outfitters'  URBN.O  shares rise
13.8% to $45.68 premarket 
    ** URBN, on Tuesday, reported Q3 net sales of $1.36 bln, up
6.3% from a year ago, beating estimates of $1.34 bln, as per
data compiled by LSEG
    ** Co reported Q3 net income of $102.91 mln and Q3 EPS of
$1.10​
    ** At least 7 brokerages raise PT on stock
    ** Citigroup upgrades stock to "buy" from "neutral", raises
PT to $59 from $42
    ** For the first time in years, UO is showing signs of a
brand recovery with management guiding to 4Q sequential
comparables improvement and margin recovery expected to continue
into FY25 - Citigroup
    ** Says subsidiaries Anthropologie/Free People remain in
solid positions and FP Movement/Nuuly are driving outsized
growth, leaving brokerage more confident in F25 sales growth 
    ** J.P. Morgan also raises PT to $46 from $42
    ** Avg rating of 13 brokerages covering stock is a "hold";
median PT is $41.5 - LSEG data
    ** As of last close, stock up 12.5% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))