Morgan Stanley lowered the firm’s price target on Lululemon (LULU) to $346 from $373 and keeps an Overweight rating on the shares. The firm anticipates sales-driven Q1 EPS upside and for Americas sales and comps to be better-than-expected. It thinks that Americas comp results, combined with what it thinks will be reiterated fiscal year guidance, “could be enough to drive equity appreciation on the print” given Street expectations for a cut, adds the analyst, whose FY25 EPS estimates remain above the Street, but are lower than they were previously.
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