Piper Jaffray Reiterates Overweight Rating On Urban Outfitters

Piper Jaffray is reiterating its Overweight rating on Urban Outfitters Inc. URBN shares “ahead of Urban Outfitters' FQ1 earnings report, scheduled for tonight after the close.” “Management provided an update on quarter-to-date sales trends on 4/27/11 (comparable retail segment sales down LSD), thus we believe the relevant metrics in today's report will be inventory and gross margin,” Piper Jaffray writes. “We believe that investor expectations are low regarding URBN's ability to right-size its inventory, and we view this as an attractive entry point for the stock.” Urban Outfitters closed Friday at $32.62.