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Fly News Breaks for November 20, 2018
URBN
Nov 20, 2018 | 09:32 EDT
MKM Partners analyst Roxanne Meyer lowered his price target on Urban Outfitters to $43, saying that while the company reported its "best Q3 in 5 years" thanks to "exceptional comps across brands and categories", she would like to see more "transactional growth". The analyst points to Urban Outfitters' "lower markdowns and peak full-price selling at UO and Free People" supporting its gross margins gains, adding that she is also encouraged by its expectations of a sustained mid-single-digit comp growth in the long term. Meyer keeps her Neutral rating on Urban Outfitters however, stating that its implied 15-times forward earnings multiple is "at the higher-end of specialty comps and slightly above the historical 3-year forward median range" for the company.
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