Urban Outfitters upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Urban Outfitters (URBN) to Hold from Underperform with a price target of $70, up from $50. The firm upgrades the shares following Urban’s “healthy” Q1 results and ahead of an investor event next week. Jefferies sees the combination of better numbers and the stock’s “elevated valuation” creating a more balanced risk/reward ahead. Anthro, Free People, FP Movement, and Nuuly continue to drive positive sales growth with “healthy trajectories” ahead, while Urban Outfitters comps recently inflected positively, the analyst tells investors in a research note.