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Fly News Breaks for November 23, 2016
URBN
Nov 23, 2016 | 07:45 EDT
Wunderlich analyst Eric Beder downgraded Urban Outfitters to Hold from Buy saying the retailer's "anemic" Q3 results disproved his entire investment thesis. Sales momentum at Free People and Anthropologie continued to weaken and gross margins remained challenged despite easy comparisons, Beder tells investors in a post-earnings research note. He cut his price target for the shares to $32 from $40. Urban Outfitters is down 11%, or $4.14, to $34.87 in pre-market trading.
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