Piper Jaffray Reiterates Overweight on Urban Outfitters

Piper Jaffray is out with its report today on Urban Outfitters URBN, reiterating Overweight. In its report, Piper Jaffray writes, "We are reiterating our Overweight rating on URBN shares following Urban Outfitters' FQ2 earnings report in which EPS beat our estimate by three cents. Management commented that sales at Anthropologie have slowed down over the past 10 days, however we believe this is being somewhat offset by improvement at the Urban Outfitters division thus far into the back-to-school season. While we acknowledge that results over the next few seasons could be choppy, we view this as an attractive entry point for the stock ahead of what we believe will be a fall/holiday recovery." At the time of posting, shares of URBN were trading pre-market at $27.50, down 7.38% from Monday's close.