Urban Outfitters up after Q1 sales beat, J.P. Morgan upgrades to 'overweight'

Apparel retailer Urban Outfitters' URBN.O shares up 17.79% at $70.2 in premarket trading

Anthropologie’s parent logged Q1 net sales at $1.33 billion vs estimates of $1.29 billion, according to data compiled by LSEG

Sales driven by strong brand demand despite consumer spending slowdown

J.P. Morgan upgrades URBN to "overweight" from "neutral"; raises PT to $78 from $63, a 30.8% upside to the stock's last close

Brokerage sees long-term growth potential, expecting "regular-price selling & occupancy leverage", while the retailer's clothing rental service Nuuly continues to grow profitably

Avg rating of 14 analysts is "hold"; median PT $71.5 - data compiled by LSEG

As of last close, URBN stock is up 8.6% YTD