Citi downgraded Urban Outfitters (URBN) to Neutral from Buy with a price target of $76, up from $75, ahead of the Q2 report. The firm is more cautious on the specialty apparel group heading into the second half of 2025 and sees additional risk to Urban Outfitters from higher India tariffs. Citi sees a balanced risk/reward with the shares up 86% since November.
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