Morgan Stanley downgraded Urban Outfitters to Equal Weight from Overweight with a price target of $36, down from $42. The Urban Outfitters banner has proven challenged for longer than the firm expected and likely stays that way through at least Spring 2024, if not longer, the analyst tells investors. Even if the flagship brand eventually turns, at the same time, it’s likely Anthropologie and Free People moderate from current outsized growth and profitability levels, the analyst added.
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