Urban Outfitters price target raised to $39 from $36 at Morgan Stanley

Morgan Stanley analyst Alex Straton raised the firm’s price target on Urban Outfitters to $39 from $36 and keeps an Equal Weight rating on the shares after having hosted meetings with management on day two of the 2024 ICR conference. The company’s fiscal Q4 sales and profitability guidance raise “surpassed buyside expectations for more moderate upside,” but the firm worries that the flagship banner will struggle to inflect until mid-to-late 2024 “at the earliest,” the analyst tells investors.