Citi Maintains Hold on Urban Outfitters

Citi is out with its report today on Urban Outfitters URBN, maintaining Hold. In a note to clients, Citi writes, "We rate the shares of URBN Hold/Medium Risk. A choppier than expected fashion shift could result in four more quarters of margin declines if we follow the last cycle. The stock remains buoyed by prospects for longer-term growth. Yet the complexity and ultimate trajectory of a turn remains underappreciated." Citi maintains a $31 PT on URBN. At the time of posting, shares of URBN were trading pre-market at $28.25, down 0.84% from Wednesday's close.