UPDATE: Oppenheimer Reiterates Rating and PT on Urban Outfitters

Oppenheimer has published a research report on Urban Outfitters URBN. In the report, Oppenheimer wrote, "Divisional comps: Urban 1%, Anthropologie flat and Free People 18%. GM decreased 460 bps to 37.9%. SG&A rose 30 bps to 23.5%. End-of-quarter inventories rose 25% (9% at cost), reflecting non-comparable receipts, higher in-transit inventories and increased fabric commitments. Excluding 1x receipts inventory/sf rose 4%." Oppenheimer rated Urban Outfitters an Outperform with a price target of $41.00. Urban Outfitters closed Monday at $29.69.