Shares of retailer Urban Outfitters (NASDAQ:
) 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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