Lululemon downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Lululemon to Equal Weight from Overweight with a price target of $395, down from $546. The company’s Americas growth, while still solidly positive, is decelerating, offset by China, the analyst tells investors in a research note. The firm also sees athleisure normalization with potential marginal spend shifting back to apparel. In addition, Lululemon faces a more competitive landscape in the aggregate with more limited margin expansion drivers, contends Barclays.