These Analysts Slash Their Forecasts On Urban Outfitters Following Q2 Results

Author: Avi Kapoor | August 22, 2024 11:52am

Urban Outfitters, Inc. (NASDAQ:URBN) reported better-than-expected second-quarter financial results on Wednesday. 

Urban Outfitters reported quarterly earnings of $1.24 per share, which beat the analyst consensus estimate of $1.01 by 22.77%. The company announced record quarterly sales of $1.35 billion, which beat the analyst consensus estimate and represents a 6.13% from the same period last year.

"We are pleased to report record second-quarter sales fueled by strength across all three segments — Retail, Nuuly and Wholesale," said Richard A. Hayne, CEO of Urban Outfitters. "Equally impressive, four of our five brands delivered record operating profits during the second quarter."

Urban Outfitters shares fell 8.9% to trade at $37.79 on Thursday.

These analysts made changes to their price targets on Urban Outfitters following earnings announcement.

• Morgan Stanley analyst Alex Straton maintained Urban Outfitters with an Equal-Weight and cut the price target from $40 to $38.
• B of A Securities analyst Lorraine Hutchinson maintained the stock with a Buy and lowered the price target from $52 to $46.
• Telsey Advisory Group analyst Dana Telsey downgraded Urban Outfitters from Outperform to Market Perform and lowered the price target from $49 to $44.
• BMO Capital analyst Simeon Siegel maintained the stock with a Market Perform and lowered the price target from $42 to $39.
• Jefferies analyst Corey Tarlowe maintained Urban Outfitters with an Underperform and lowered the price target from $35 to $34.
• Barclays analyst Adrienne Yih maintained the stock with an Overweight and cut the price target from $52 to $43.
• Wells Fargo analyst Ike Boruchow maintained Urban Outfitters with an Equal-Weight and lowered the price target from $48 to $40.

Considering buying URBN stock? Here’s what analysts think:

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