Urban Outfitters price target raised to $41 from $38 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Urban Outfitters (URBN) to $41 from $38 and keeps an Equal Weight rating on the shares. The magnitude of Urban’s topline and margin-driven EPS beat “surprised to the upside,” but the firm continues to view a multiple re-rating as unlikely despite what it calls a “cheap valuation” and a positive rate of change opportunity, the analyst tells investors in a post-earnings note.