What's Going On With Urban Outfitters Stock Wednesday?

Urban Outfitters URBN stock is trading lower Wednesday morning following the release of the company’s first-quarter financial results.

The Details: Urban Outfitters reported first-quarter earnings of 69 cents per share, beating analyst estimates of 52 cents per share, according to Benzinga Pro. The company reported first-quarter sales of $1.2 billion, beating analyst estimates of $1.17 billion. Sales were up 7.8% on a year-over-year basis.

“We are pleased to report record first quarter sales and earnings driven by continued strength at the Anthropologie, Free People, FP Movement and Nuuly brands,” said Richard A. Hayne, CEO of Urban Outfitters. “Customer demand remains robust for our spring and summer fashion, which bodes well for continued sales growth in Q2.”

Analysts from Baird and Telsey Advisory Group adjusted price targets following the company’s first quarter financial results.

Baird analyst Mark Altschwager maintained Urban Outfitters with a Neutral rating and raised the price target from $48 to $50. Telsey Advisory Group analyst Dana Telsey maintained Urban Outfitters with an Outperform rating and raised the price target from $48 to $49.

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URBN Price Action: Urban Outfitters shares initially traded higher following the print. At the time of writing, the stock was down 3.17% at $40.01, according to Benzinga Pro.

Image: 4937349 from Pixabay.