Investing.com - The clothing business is booming for Urban Outfitters (NASDAQ:URBN), according to a Wall Street analyst.
The retailer rose 3.5% in midday trading on Wednesday after an upgrade to buy from neutral at D.A. Davidson, Briefing.com reported.
Analyst John Morris raised Urban Outfitters' price target to $36 from $30 due to the “forest of opportunity” ahead for the retailer.
Urban Outfitters includes name brands such as Free People and Anthropologie.
"Our Davidson Proprietary Data shows green shoots in improving pricing architecture at the Anthropologie division with stronger pricing and lower markdown cadence at the Urban Outfitters division," Morris wrote.
Elsewhere in the sector, Gap (NYSE:GPS) gained 1.8%, while Macy’s (NYSE:M) was flat and JC Penney (NYSE:JCP) fell 0.3%. Overall, the S&P 500 Consumer Discretionary sector inched up 0.8%.