Urban Outfitters downgraded to Neutral from Buy at B. Riley FBR
B. Riley FBR analyst Susan Anderson downgraded Urban Outfitters to Neutral from Buy and lowered her price target for the shares to $23 from $38. On its Q1 earnings call, management said they expected sales will start to improve with new back-to-school product in July and into August, Anderson tells investors in a research note. However, her channel checks show continued, elevated year-over-year promotions in July and thus far in August for both Anthropology and the namesake brand. This leads Anderson to believe that Urban Outfitters' sales have not improved from the weaker calendar Q2. She views the company as most at risk in the Specialty Retail & Apparel space for lower second half of 2019 margins as promos continue.