Lululemon price target lowered to $445 from $540 at Oppenheimer

Oppenheimer lowered the firm’s price target on Lululemon to $445 from $540 and keeps an Outperform rating on the shares. Despite indications of softer sales growth recently, and management introducing “subdued” initial FY24 guidance, Oppenheimer advises sticking with Lululemon. The firm noted that “underlying growth dynamics for the brand appear intact, improved innovation and marketing should bolster sales expansion, at least somewhat, nearer-term, and share valuations are tracking close to historic troughs.” Oppenheimer calls Lululemon its preferred larger cap pick in athleisure and sporting goods retail.