- Telsey Advisory Group analyst Dana Telsey reiterated an Outperform rating on the shares of Urban Outfitters, Inc. URBN, slightly raising the price target to $35 from $34.
- Urban Outfitters reported a Q1 2023 sales increase of 6% Y/Y to $1.11 billion, beating the analyst consensus of $1.09 billion. EPS of $0.56 beat the consensus of $0.35.
- The analyst applauds the company's Q1 results, saying it was the best Q1 EPS in company history.
- The results reflected a beat across the board as sales growth, gross margin expansion, and operating deleverage all were ahead of expectations.
- The analyst notes that the second quarter outlook exceeds market expectations led by topline and gross margin.
- While the near term is expected to remain pressured, the back half of the year is still anticipated to improve, supporting margin expansion for the entire year.
- Reflecting the 1Q23 beat and continued optimism for the balance of the year, the total sales forecast increased slightly to $5.036 billion (up 5.0%) compared to the prior expectation of $5.021 billion.
- On the bottom line, the analyst sees FY23 EPS of $2.70, up from $2.55 previously.
- Also Read: Urban Outfitters Gets Price Target Hikes By Analysts Following Strong Q1 Results
- Price Action: URBN shares are trading higher by 14.90% to $30.63 on the last check Wednesday.
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