Lululemon downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Lululemon (LULU) to Equal Weight from Overweight with an unchanged price target of $445. The analyst cites valuation for the downgrade. The firm recommends taking “chips off the table” following the stock’s solid run year-to-date. Wells also removed Lululemon from its Top Picks List and replaces it with Nike (NKE), where is sees a more compelling share setup from here. Lululemon offers a more balanced risk/reward at current share levels, the analyst tells investors in a research note.