Lululemon price target lowered to $505 from $555 at Baird

Baird lowered the firm’s price target on Lululemon to $505 from $555 and keeps an Outperform rating on the shares. The firm met with management and noted shares have been challenged this year. Management tone was constructive, pointing to controllable levers to drive improved performance in Q2. Valuation will likely remain under pressure until the inflection is more apparent but Baird views the current pullback as an attractive buying opportunity for a high-quality name with plenty of global growth runway.