Lululemon downgraded to Underperform from Market Perform at Bernstein

Bernstein analyst Aneesha Sherman downgraded Lululemon Athletica to Underperform from Market Perform with a price target of $290, down from $340. After delivering 25% sales growth and 30% earnings growth for five straight years, Lululemon "has a reset coming," the analyst tells investors in a research note. The firm says that with no more pent-up demand, a more cautious consumer outlook, and negative margin mix shifts, the company’s earnings growth will decelerate "materially." It expects the stock’s multiple to follow.