UPDATE: Morgan Stanley Reiterates on Urban Outfitters on Position for 2H Upside

In a report published Tuesday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Overweight rating on Urban Outfitters (NASDAQ: URBN), but removed the $46.00 price target.

In the report, Morgan Stanley noted, “URBN delivered a 4c beat and stable 4Q GM in the worst retail environment since 2008. However, paralyzing weather and UO execution trips likely lower UO recovery expectations. We think downward revisions position URBN for 2H upside. At 15.8x P/E ex-cash we remain O/W.”

Urban Outfitters closed on Monday at $37.51.