Lululemon price target lowered to $370 from $416 at Stifel

Stifel analyst Jim Duffy lowered the firm’s price target on Lululemon to $370 from $416 and keeps a Buy rating on the shares. The firm acknowledges missteps related to U.S. consumer engagement challenges and adjusted Q2 estimates below the low-end of guidance, adding that it expects a 5% haircut to FY24 EPS guidance, but says in its Q2 preview that the risk-focused sentiment and negative share price re-rating “appears overdone” as the market anticipates a miss and guide-down for FY24.