Urban Outfitters Upgraded at Morgan Stanley, Shares Surge 3%
<p>Morgan Stanley analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/URBN'>Urban Outfitters (NASDAQ:URBN)</a> to Overweight from Equalweight, setting a new price target of $41.00 (previously $27.00). As a result, shares gained more than 3% intra-day today.</p>
<p>The upgrade was supported by the company’s favorable prospects compared to industry peers and its undervalued position. Firstly, the analyst noted that the estimates for 2023 exhibit a significant degree of conservatism, leaving ample room for positive earnings per share revisions. Secondly, the stock carries a low relative valuation, which presents the possibility of a re-rating. Notably, the company ranks fourth among Morgan Stanley’s coverage in terms of forecast risk analysis for 2023, with consensus estimates for EBIT concentration and EBIT margin falling well below historical trends.</p>

NASDAQ:URBN