Morgan Stanley reiterated its Overweight rating on Urban Outfitters URBN and increased its price target from $36 to $41.
Morgan Stanley noted, "Strong 2Q results increase our conviction in URBN's ability to recoup most of last year's 630 bps margin decline over time. Anthropologie's rebound is on track and inventory looks well controlled. 0.8x PEG ratio valuation remains compelling in our view and we remain OW. URBN is a MS Best Idea."
Urban Outfitters closed at $31.28 on Monday.
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