Urban Outfitters Shares Slide on Weak 3Q Sales, Downgrades

By Jennifer Booton Features FOXBusiness

Shares of Urban Outfitters (URBN) continued to trade lower on Wednesday as Wall Street analysts cut the retailers price target a day after the company released a bleak update on third-quarter sales.

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The Philadelphia-based operator of Urban Outfitters, Anthropologie and Free People said in a regulatory filing late Tuesday that comparable-store sales are down so far in the current quarter.

A day later, an analyst from Raymond James cut Urbans price target to $33 from $36, and Stifel Nicolaus cut the retailers price target to $32 from $40.  

The review comes two weeks after the company booked a 21% drop in net income for the second-quarter ended July 31 to $56.7 million, or 35 cents a share, compared with a much higher $71.6 million, or 42 cents, in the year-earlier period.

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