Urban Outfitters rises after Q3 sales beat

Urban Outfitters

27/11/2024 15:44

(Updates)
    ** Shares of apparel retailer Urban Outfitters  URBN.O  rise
14.4% to $45.94; hit a near four-month high of $46.77 earlier in
the session
    ** URBN, on Tuesday, reported Q3 net sales of $1.36 bln, up
6.3% from the quarter a year ago, beating estimates of $1.34
bln, according to data compiled by LSEG
    ** Company reported Q3 net income of $102.91 mln and Q3 EPS
of $1.10​
    ** At least seven 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
    ** Citi says subsidiaries Anthropologie and Free People
remain in solid positions and FP Movement and Nuuly are driving
outsized growth, leaving brokerage more confident in F25 sales
growth 
    ** J.P. Morgan also raises PT to $46 from $42
    ** Average rating of 13 brokerages covering the stock is 
"hold"; their median PT is $41.5 - LSEG data
    ** Including session's move, stock up 28.9% YTD

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