Urban Outfitters Inc (NASDAQ:URBN) is trading higher Wednesday morning after the company reported better-than-expected earnings results.
What Happened: Urban Outfitters announced first-quarter earnings of 54 cents per share, which beat the estimate of 17 cents per share. It reported quarterly revenue of $927.41 million, which beat the estimate of $900.15 million.
“The first quarter was one for the record books; record sales, a record low markdown rate, and record earnings per share. Strong ‘comps’ were driven by powerful demand and superb execution by all teams,” said Richard Hayne, CEO of Urban Outfitters.
Related Link: Urban Outfitters: Q1 Earnings Insights
Telsey Advisory Group analyst Dana Telsey maintained Urban Outfitters with an Outperform rating and raised the price target from $45 to $47.
JPMorgan analyst Matthew Boss upgraded Urban Outfitters from Underweight to Neutral and raised the price target from $30 to $38.
Price Action: Urban Outfitters traded as high as $41.95 and as low as $14.41 over a 52-week period.
At last check Wednesday, the stock was up 9.95% in premarket trading at $38.44.
Photo by Mike Mozart from Flickr.
