Urban Outfitters hits record high after upbeat quarter, J.P. Morgan upgrade

Shares of apparel retailer Urban Outfitters URBN.O rise as much as 22.4% to record high of $72.97 in early trading

Stock eyes best day on record, if gains hold

Anthropologie's parent beat Q1 net sales and profit estimates after market close on Wednesday, helped by strong brand demand despite consumer spending slowdown

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

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

Telsey Advisory Group raises PT to $72 from $59, says co's Q2 high single-digit sales growth forecast is encouraging and signals continued topline momentum across brands

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

As of last close, URBN stock up 8.6% YTD