Lululemon price target lowered to $385 from $390 at Piper Sandler

Piper Sandler analyst Abbie Zvejnieks lowered the firm’s price target on Lululemon to $385 from $390 and keeps an Overweight rating on the shares. Despite a highly uncertain consumer backdrop, consumers continue to react to strong brands and innovation although 2023 estimates "are likely broadly too high," Zvejnieks tells investors in a research note.