Lululemon price target lowered to $300 from $400 at Evercore ISI

Evercore ISI lowered the firm’s price target on Lululemon to $300 from $400 and keeps an Outperform rating on the shares. On its Q1 call in June, Lululemon guided to an accelerating innovation agenda, starting with new “Breeze Through” women’s leggings in mid-July, but after launching last week, the company abruptly removed the product from stores and the web this week amid mounting negative feedback online, the analyst tells investors. The firm expects the company to lower its revenue and EPS guidance for the year and the firm lowered its own 2024 EPS view to $13.75 from $14.60 and 2025 EPS forecast to $15.00 from $16.60.