Updates

** 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

(Reporting by Akriti Shah and Neil J Kanatt in Bengaluru)

((akriti.shah@thomsonreuters.com))