BofA raised the firm’s price target on Urban Outfitters (URBN) to $80 from $70 and keeps a Buy rating on the shares after the company reported Q1 EPS that beat the firm’s and consensus estimates, driven by better sales and gross margin. Outperformance was driven by all banners, with Urban Outfitters, Anthropologie and Free People all comping positively, notes the analyst, who adds that the flagship brand has inflected positively and calls Anthropologie and Free People “two of the best performing apparel brands in the market.”
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