After a tough few years, the last thing investors expected was an upbeat report from Urban Outfitters in the middle of a pandemic.
Telsey Advisory Group’s Dana Telsey is more optimistic, raising her rating to Outperform from Sector Perform; she also added $10 to her price target, raising it to $30. “Given the challenges to the operating environment, Urban’s second-quarter performance is an especially positive surprise, with all brands profitable,” Telsey writes. She likes the company’s top-line trajectory heading into the holiday season, and thinks rent concessions from landlords could be another tailwind.
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