Urban Outfitters Shares Surge on 4Q Comp Sales

Shares of Urban Outfitters (NASDAQ:URBN) are trading up by more than 7% Tuesday, a day after the retailer said in a regulatory filing that retail segment same-store sales are up in the mid-single digits so far in the fourth quarter.

The news is positive for the operator of Free People and Terrain stores, which posted a 7% decline in third-quarter same-store sales, hurt by its struggling Anthropologie unit, and it suggests retail sales are already off to a good start this holiday season.

Reflecting the uptick, Wedbush raised its price target on Urban to $22 from $19 Tuesday morning.