Urban Outfitters price target raised to $48 from $38 at Wells Fargo

Wells Fargo analyst Ike Boruchow raised the firm’s price target on Urban Outfitters to $48 from $38 and keeps an Equal Weight rating on the shares. The firm notes that after pre-announcing holiday sales at ICR, Urban Outfitters surprisingly missed Street gross margin/EBIT in Q4. Despite that, the company issued a strong/confident message around comp momentum at Anthro/FP and ultimately full year numbers are heading higher.