UPDATE: Wedbush Lowers Urban Outfitters Price Target To $30

According to Wedbush, Urban Outfitters URBN price target is lowered to $30. Wedbush said that it expects the stock to be under pressure on softer-than-expected Q3 gross margin guidance of down ~300 bp yoy (vs. consensus outlook of flattish) and indications of Anthro's sales slowdown in the past 10 days. “Although URBN still has 3.3M shares remaining in its share repurchase program and will likely opportunistically execute the buybacks, we prefer to become more constructive upon evidence of sales and earnings stabilization.” Urban Outfitters closed yesterday at $29.69.