WEST CONSHOHOCKEN, Pa., Sep 26, 2008 (BUSINESS WIRE) -- Boenning & Scattergood initiated coverage of A.C. Moore Arts & Crafts,
Inc. (NASDAQ:ACMR), Hot Topic, Inc. (NASDAQ:HOTT) and Urban Outfitters,
Inc.(NASDAQ:URBN) today with a Market Outperform rating for both HOTT
and URBN with 12-month price targets of $9 and $44, respectively. ACMR
was started at a Market Perform. A.C. Moore is a superstore retailer
that specializes in arts and crafts merchandise. Hot Topic specializes
in selling music/pop culture-influenced and licensed apparel. Urban
Outfitters is a multi-brand specialty retailer of lifestyle merchandise.
Our investment thesis includes the following factors:

--
With a new management team that is focused on improving profitability,
A.C. Moore should be well positioned when crafting activities begin to
accelerate. We believe that this trend and the turnaround (which the
company is currently in the throes of) are not simply near-term
events, but are multiyear initiatives that should create sustainable
improvements in profitability.

--
Though Hot Topic had been successful at identifying music trends
during most of the prior decade, the Internet has brought many
challenges for the music world. With that, new ideas to generate sales
are more critical now than ever before. HOTT's
ability to reconnect with the customer, through stronger merchandise
and a better grasp on an evolving music landscape, will determine
long-term success.

--
Urban Outfitters has filled various key positions, new systems have
been put in place to more efficiently run the business, new brands and
distribution channels have been added, and management has begun to
look at direct sourcing as an opportunity for margin enhancement,
which in turn should provide URBN the necessary drivers to face strong
economic headwinds.

About Boenning & Scattergood: Founded in 1914, Boenning & Scattergood,
Inc. is the oldest independently owned investment securities firm in the
Philadelphia region. The firm offers a full compliment of investment
services to institutional, retail and corporate clients, including
research, sales, trading, investment banking and public finance. For
more information, please visit www.boenninginc.com.
Member SIPC/FINRA.

This release is neither an offer to sell nor a solicitation to buy any
securities mentioned herein. Please refer to the full report, which is
available upon request, for additional details, risks and disclosures.

SOURCE: Boenning & Scattergood, Inc.

Boenning & Scattergood, Inc. 
Holly Guthrie 
Retail Analyst 
610-684-5412

Copyright Business Wire 2008