J.P. Morgan Reports on Urban Outfitters (URBN)

In a report released earlier today, J.P. Morgan commented on retailer Urban Outfitters URBN. In the report, J.P. Morgan was bullish on the retailer's future. J.P. Morgan states, “With differentiated concepts in an eclectic store environment, we continue to view URBN as a best-in-class retailer with a rare opportunity to more than double the store footprint over the next 5-10 years from 372 stores. URBN should have many years ahead with 20% or better top-line growth, at a time when there are limited growth opportunities in retail and most peers are well saturated. With over $4.00 in cash/share, the company is buying back stock again, with 4.8 mm shares bought back so far in 1Q.” J.P. Morgan currently has an Overweight rating on Urban Outfitters and a price target of $36.00. Urban Outfitters closed yesterday down 1.77% to end the trading day at $31.55.