Lululemon initiated with a Buy at Truist

Truist initiated coverage of Lululemon with a Buy rating and $500 price target. Lululemon has “some of the strongest brand loyalty in the activewear industry” and with it premium to peers and the market at or below historical levels the firm sees “an attractive entry-point for a best-of-breed name.” Lululemon’s demand and full price selling “remain robust” even in today’s macro-pressured and promotional environment, the analyst added.