These Analysts Raise Their Forecasts On Urban Outfitters After Upbeat Results

Urban Outfitters, Inc. URBN reported better-than-expected financial results for its first quarter on Tuesday.

The company reported quarterly earnings of 69 cents per share, which beat the analyst consensus estimate of 52 cents. Quarterly sales clocked in at $1.2 billion, beating the analyst consensus estimate of $1.175 billion, according to data from Benzinga Pro.

Total retail segment net sales increased 5.8%, with comparable retail segment net sales increasing 4.6%.

"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."

Urban Outfitters shares fell 0.3% to close at $41.32 on Tuesday.

These analysts made changes to their price targets on Urban Outfitters after the company reported quarterly results.

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

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