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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LULU:
- Lululemon (NASDAQ:LULU) Slips on Analyst Comparisons to Under Armour
- Lululemon price target lowered to $240 from $300 at Jefferies
- The Week That Was, The Week Ahead: Macro & Markets, March 31, 2024
- 3 Best Stocks to Buy Now, 3/25/2024, According to Top Analysts
- The Week That Was, The Week Ahead: Macro & Markets, March 24, 2024