Wells Fargo raised the firm’s price target on Urban Outfitters (URBN) to $80 from $75 and keeps an Equal Weight rating on the shares. The firm cites crushed expectations, driven by solidified UO turnaround. Wells says bulls were vindicated as Urban’s topline trajectory continues to impress with momentum go-forward, though Q4 gross margin plan was squishy as management called out a more promotional holiday season is expected.
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