Urban Outfitters price target raised to $48 from $40 at Wells Fargo

Wells Fargo raised the firm’s price target on Urban Outfitters (URBN) to $48 from $40 and keeps an Equal Weight rating on the shares. Despite a now slower comp trajectory, the company’s results continue to impress, highlighted by Q3’s meaningful gross margin beat, the firm notes. That along with a bullish Q4 outlook keep momentum in the story going, Wells adds.