Urban Outfitters price target lowered to $70 from $79 at UBS

UBS lowered the firm’s price target on Urban Outfitters (URBN) to $70 from $79 and keeps a Neutral rating on the shares. The firm’s checks suggest Urban Outfitters’ Q3 sales trend was solid, but its sales growth rate decelerated quarter over quarter, the analyst tells investors in a research note. While UBS sees a 2c Q3 EPS beat, there is risk that Urban guides to lower Q4 sales growth and more gross margin pressure than anticipated.