Urban Outfitters Inc Management Meeting: Store Visits Suggest Strong Execution Continues

研报英文原文证据摘录

Urban Outfitters Inc Management Meeting: Store Visits Suggest Strong Execution Continues

Global Research

15 July 2026ab

Urban Outfitters Inc Equities

AmericasManagement Meeting: Store Visits Suggest

Strong Execution Continues Retailers, Apparel

12-month rating Neutral *

12m price target US$80.00We see more upside than downside, but maintain our Neutral rating:

We think URBN's Urban Outfitters, Anthropologie, Free People, and Nuuly brands

collectively have solid momentum. While this should lead to good earnings results over Price (14 Jul 2026) US$70.19

the NTM, we believe most of this is already assumed in the current stock price. We RIC: URBN.O BBG: URBN US

model a ~6% 5-yr. EPS CAGR (FY26-FY31E) and believe the stock should trade at ~12x

our $6.65 FY29 EPS estimate. Our UBS Retail Bus Tour store visits with mgmt in Chicago Trading data and key metrics

on July 14th reinforce our view. 52-wk range US$82.70-59.57

Market cap. US$6.30b

Top takeaways from our July 14th meeting with URBN management: Shares o/s 89.7m (COM)

Free People’s collection store format highlighted the brand's strengths. We visited Free float 63%

one of Free People's larger, "collection" store formats. This format includes Avg. daily volume ('000) 1,257

expanded categories such as accessories, footwear, denim, intimates, as well as a Avg. daily value (m) US$90.2

Free People Movement shop-in-shop. This broader assortment showcases Free Common s/h equity (01/27E) US$3.30b

People’s lifestyle positioning and the multiple ways the brand can engage its mid- P/BV (01/27E) 1.8x

20s to 30s target customer. Net debt to EBITDA (01/27E) NM

FP Movement momentum appears strong, and the brand has potential to add EPS (UBS, diluted) (USD)

more stores. Mgmt noted FP Movement is performing well.