Lululemon price target lowered to $390 from $395 at UBS

UBS analyst Jay Sole lowered the firm’s price target on Lululemon to $390 from $395 and keeps a Neutral rating on the shares. The company’s Q3 results were not a "thesis changer", the analyst tells investors in a research note, noting that the stock should "grind higher" as earnings increase, though he does not see an opportunity for significant earnings multiple expansion. Sole adds that Lululemon’s 37-times expected earnings multiple reflects its growth opportunity.