Lululemon price target lowered to $425 from $450 at Wells Fargo

Wells Fargo lowered the firm’s price target on Lululemon to $425 from $450 and keeps an Equal Weight rating on the shares. Growth is slowing at Lululemon as feared, with Americas called out as “soft” and margins are likely coming down, the analyst tells investors in a research note. As Lululemon transitions from hyper to sub-algorithm growth, the firm would expect the multiple to compress.