Citi Lowers PT On URBN To $31

Citi has reported a lowered Price Target For Urban Outfitters Inc. URBN from $34.00 to $31.00. According to the report, “We're lowering our 1Q11 estimate to $0.27 from $0.31 to account for a softer March that adds to the margin pressure we expected from the Urban division's carryover inventory to end 4Q10. That implies a (400)bps margin decline in 1Q11, almost double the rate of margin pressure in 4Q10 despite a similar inventory overage.” URBN has a Hold Rating and closed at $30.30 yesterday.