Urban Outfitters Executes Management Reshuffle
Philadelphia-based Urban Outfitters announced that the reshuffle involves changes of key positions and promotions of 6 executives. The promotions are part of its management restructuring strategy to better support future growth and strategic initiatives, the lifestyle products company said.
Urban Outfitters (URBN) said that the current COO Calvin Hollinger is leaving the company to pursue other opportunities. Frank Conforti will replace Hollinger as COO. He was also appointed as Co-President and handle additional responsibilities for URBN’s Development, Fulfillment & Logistics, Talent and Human Resources and Legal departments.
Urban Outfitters has promoted Meg Hayne to serve as the company’s Co-President in addition to her role as Chief Creative Officer. Sheila Harrington and Hillary Super have been promoted to CEOs of the Free People Group and the Anthropologie Group, respectively. (See URBN stock analysis on TipRanks)
Dave Hayne, President of Nuuly will take up the positions of Chief Technology Officer .
On Oct. 13, Loop Capital Markets analyst Laura Champine raised the company’s 3Q and fiscal 2021 EPS estimates amid expectations that the back-to-school season will be better than she had forecasted previously. Champine is seeing greater sequential improvement in traffic and demand during the October quarter than her earlier projection. The analyst is still sidelined on the stock with a Hold rating and a price target of $24 (2.4% upside potential), as traffic and demand remain weak.
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 7 Buys and 12 Holds. With shares down nearly 15.6% year-to-date, the average price target of $24.72 implies upside potential of about 5.5% to current levels.
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