Urban Outfitters upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Alex Straton upgraded Urban Outfitters to Overweight from Equal Weight with a price target of $41, up from $27, as part of a broader research note on Specialty Retail. The analyst states that the stock is among the names with “sufficiently de-risked” FY23 estimates and a “reasonable or low valuation”. The firm adds that investors have an opportunity to own select stocks within the group that have defensive characteristics, operational efficiency, or earnings stability.