Oppenheimer analyst Anna Andreeva came out with a research report on Urban Outfitters, Inc. (NASDAQ:URBN), downgrading shares to Perform from Outperform, and reducing the price target to $44 from $35, which represents a slight upside potential from current levels. The decreased rating and price target come after the company released disappointing first-quarter financial results yesterday.

Andreeva wrote, “Seldom do all brands work at the same time for fashion retailers, and after six quarters of challenges, improvement at Urban division is offset by fashion misses at Anthro, causing both sales and margin miss in 1Q15. While May improved (we think Anthro comps up LSD/MSD, after down HSD in April), this is likely driven by step-up in promotions/marketing shift; given top-line misses at department stores, backdrop for women’s apparel is becoming more competitive, making positive comp guidance optimistic, in our view.” “We believe less visibility into margin recovery hinders multiple expansion.”, the analyst added.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Anna Andreeva has a total average return of 10.6% and a 62.7% success rate. Andreeva has a 23.9% average return when recommending URBN, and is ranked #500 out of 3606 analysts.

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