Citi analyst Paul Lejuez lowered the firm’s price target on Lululemon to $350 from $400 and keeps a Neutral rating on the shares following the updated guidance. The analyst reduced his 2023 earnings per share estimate from $11.96 to $11.60 driven by lower gross margin assumptions in the first half of 2023. Despite the gross margin miss, Lululemon’s holiday sales results were still the best in retail during a tough holiday season, Lejuez tells investors in a research note.
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