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.