Urban Outfitters Rises as Bank of America Adds to US 1 List

By Scott Rubin,

Shutterstock photo

Shares of retailer Urban Outfitters (NASDAQ: URBN ) are rising on Monday after analysts at Bank of America Merrill Lynch raised their price taret on the stock to $45.00 and added it to their US 1 list. The analysts wrote, "We expect a number of catalysts to move the stock higher in the coming months, and we are raising our price objective to $45 by raising our target multiple from 19x to 21x to reflect confidence in the comp turnaround strategy and progress on rebuilding margins."

The report lists three upcoming catalysts that could propel the stock higher in the near-term: 1) The company's 10-Q which is due out on Monday after the closing bell. 2) Urban Outfitters' September 27th investor day and 3) the company's third quarter earnings report in mid-November.

During Monday's trading session, URBN was last trading up 2.48 percent at $39.69.

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This article appears in: Investing Stocks
Referenced Stocks: URBN

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