In a report published Monday, Sterne Agee analyst Ike Boruchow downgraded the rating on Urban Outfitters URBN from Buy to Neutral, and lowered the price target from $45.00 to $42.00.
In the report, Sterne Agee noted, “We are lowering estimates and downgrading shares of URBN to Neutral from Buy. While the Anthropologie and Free People concepts continue to outperform, we are losing confidence in the Urban brand's ability to quickly adjust its merchandising miscues, which creates potential risk to 2014 numbers (we are now below the Street). We remain positive on URBN's strong DTC operations and omni-channel capabilities; however, we need to see a bottoming of the Urban brand before revisiting the story.”
Urban Outfitters closed on Friday at $39.02.
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