Urban Outfitters upgraded to Outperform from Neutral at Baird

Baird upgraded Urban Outfitters (URBN) to Outperform from Neutral with a price target of $90, up from $75, following the investor day. The event “reinforced a durable growth strategy” in Urban’s core portfolio, with Nuuly representing an “increasingly important yet underappreciated” growth and profit lever in the emerging rental space, the analyst tells investors in a research note. The firm says sum-of-the-parts valuation framework supports a stock in the $90-$100 range over the next two years, with a “compelling balance sheet providing support.”