UPDATE: Morgan Stanley Reiterates On Urban Outfitters On In-Line 2QTD Comps

In a report published Tuesday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Overweight rating on Urban Outfitters (NASDAQ: URBN), but removed the $44.00 price target.

In the report, Morgan Stanley noted, “Flattish 2QTD comp, in-line with MS and the Street: We think UO's comp slightly improved to -9% compared to 1Q's -12% but was promotionally driven. UO's e-mail marketing and creative content look markedly improved (quicker and easier to fix), in our view, but in-store progress is slower. URBN 2Q GM guidance implies UO will utilize promotions through 2Q to liquidate less compelling items in the assortment and make room for new Fall product.”

Urban Outfitters closed on Monday at $34.68.