Urban Outfitters Inc. was downgraded to hold from buy at Wunderlich and its price target was lowered to $30 from $49. The firm expressed concern about the company’s ability to keep up with the competition in the teen retail space based on styles and pricing. Wunderlich also believes Urban Outfitters’ recent “team-building” event in which the company asked salaried employees to work a weekend at a new distribution center for free as an indication of issues at the center, which could lead to problems during the holiday season. And warm weather is hurting fall sales of sweaters and outwear at Anthropolgie and Free People. Urban Outfitters stock is down 16.6% for the past three months. The S&P is down 4.4% for the same period.
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