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Wedbush Morgan Keeps Buy on Urban Outfitters

Urban Outfitters (URBN) rose after Wedbush Morgan reiterated a buy rating following recent price weakness, and kept the stock on its focus list.

Analyst Elizabeth Pierce says the stock is down 17% over the past four trading days. Given the recent volatility in the stock -- and recent signs of weakness in the retail environment and economy -- she has taken a closer look at the company's fundamentals. After doing so, she thinks the company is one of the retailers that, despite the weak retail environment, remains well-positioned for the second half of calendar year 2002.

Based on her store visits this month, she thinks traffic at both Urban Outfitters and Anthropologie stores were still at relatively strong levels seen in August. She kept EPS estimates of $1.34 in fiscal year 2003 (ending January) and $1.62 in fiscal year 2004, and her $47 price target.

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