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UBS Financial Ups Urban Outfitters to 'Buy'

UBS Financial upgraded Urban Outfitters (URBN) to buy from neutral.

Analyst Richard Jaffe says his upgrade is based on better same store sales than he previously expected, and a refreshed outlook on valuation. He says Urban Outfitters is the most visible, compelling growth story in his universe. He thinks the retailer continues to warrant a premium to the market and specialty retail group, with room for appreciation.

Jaffe raised the 98 cents 2003 earnings per share estimate to $1.04, and upped the $1.18 2004 estimate to $1.25. He says the most potent risk at Urban Outfitter is its fashion business. He raised the $25 target to $38 as growth, and a significant rate of return, offsets the risks to the fashion business.

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