Goldman Sachs Lowers PT On Urban Outfitters Inc. (URBN)

Goldman Sachs is out with its report on Urban Outfitters Inc. URBN, lowering its PT from $37 to $36.

"4Q EPS of $0.45 missed GS/consensus $0.52. Downside was driven primarily by a lower gross margin as well as a higher tax rate and slightly weaker sales," Goldman Sachs writes. "Inventories grew faster than sales (total inventory +23% and comp retail including e-commerce +10%), and management warned that the gross margin could be under greater pressure in 1H11 as fashion issues linger and compares get tougher."

Goldman Sachs maintains its Neutral rating.

Shares of URBN closed Monday at $37.99.