Retailer Urban Outfitters (NASDAQ:URBN) jumped in midday trade on Monday after an upgrade to outperform from market perform by an analyst at Wells Fargo (NYSE:WFC).
Jen Redding increased the clothing company's target price to $30 a share from $25 a share, saying that "though both the UO and (Anthropology) businesses have slowed lately, we believe that an improved business model can enable them to drive a turnaround.”
Redding added that she believed the two would soon change course, increasing numbers and expanding.
Urban Outfitters (NASDAQ:URBN) gained 4.7% in midday trade.
