Urban Outfitters weakness a buying opportunity, says Canaccord Canaccord believes investors should take advantage of the tepid investor sentiment towards Urban Outfitters which has led to a decline this year. The firm expects its namesake brand to rebound in the second half and same store sales growth to return by Q4. The firm has a Buy rating and $48 price target on the stock.
American Eagle downgraded to Sell from Neutral at Goldman Goldman Sachs downgraded American Eagle (AEO) to Sell saying it sees 29% downside risk over the next six months. Goldman believes declining mall traffic and "aggressive competition" from low cost stores puts the retailer in a multi-year period of diminishing productivity, margins, and returns. Its six-month price target for American Eagle is $12. Shares of the retailer closed yesterday up 17c to $16.92. Goldman lists Ann Inc. (ANN), Abercrombie & Fitch (ANF) and American Eagle as its top sell ideas in the Specialty Apparel space. Its lone Buy rated name in the group is Urban Outfitters (URBN).