Urban Outfitters, Inc. (NASDAQ:URBN) the retailer warned Thursday night that Q3 negative comparable retail segment net sales have continued quarter to date. Due to the lower than expected sales, it believes gross profit margin may deleverage for Q3 at a rate greater than during the first half of the year. If that should happen, it said its Q3 earnings would be negatively impacted.Also weighing on the stock Friday morning are several downgrades from Morgan Stanley, Goldman Sachs and Janney in light of disappointing sales projections and poor earnings performance. Morgan Stanley downgraded the stock to Equal Weight from Overweight and lowered its price target to $31 from $43. The firm believes that its original project of stabilizing sales and margin recovery is now "further out than we expected." Goldman Sachs lowered its rating to Neutral from Buy and cut its price target to $31 from $44.Janney Capital Management dropped its rating to Neutral from Buy citing macro issues that have softened consumer demand as well as a slower turn at the Urban Outfitters division that continues to pressure margins, a deceleration in same-store sales at the Anthropologie brand, and medium-to-longer-term return on invested capital that Janney believes "is likely to be lower as Urban Outfitters, Inc. (NASDAQ:URBN) enters a capex investment phase." The firm added: "We believe that these issues will cap upside to EPS and therefore the stock may trade rangebound until there is greater visibility on the impact of each. The firm also lowered its price target to $32 from $41. Shares of URBN last traded at $30.00 on track to post a new 52-week low during the regular session.Ampio Pharmaceuticals Inc (NYSEMKT:AMPE), late Thursday reported "encouraging" results from a trial of its Ampion treatment for osteoarthritis of the knee. "The results so far are encouraging," said Michael Macaluso, Chairman and CEO. "Baseline MRIs and synovial fluid analysis for each patient performed just prior to the start of the injections, were repeated at week 12 and are currently being compared to baseline to explore whether there are additional clinical benefits beyond pain relief and improved function and stiffness." Ampio Pharmaceuticals Inc (NYSEMKT:AMPE) shares recently traded at $4.61 with a 52-week range of $3.24 - $10.86.Technology company, Google Inc (NASDAQ:GOOGL) has had its price target lowered by analysts at RBC Capital Markets to $725 from $730 a share in the wake of the company's quarterly results Thursday night. The firm maintained its outperform rating on the stock. Shares of Google Inc (NASDAQ:GOOGL) are moving within a 52-week spread of $502.80 - $604.83.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
