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UBS Piper Starts Urban Outfitters at Buy

USB Piper Jaffray initiates Urban Outfitters (URBN) with a buy rating and a $26 target.

Analyst Jeffrey Klinefelter says the retailer has evolved into a strong lifestyle brand serving the 18 to 30 year-old urban consumer, and the 30 to 45 year-old woman through two distinct concepts. He thinks strong sector momentum combined with trend-right merchandise and feminine fashion cycle should position the company to generate significant growth rates. Klinefelter says retail expansion is expected to fuel top and bottom-line growth during the next several years. He believes the company has a strong management team with well-balanced retail experience. He sees $0.81 EPS for fiscal 2002 (Jan.) and $1.04 in fiscal 2003.

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