Lululemon price target lowered to $470 from $550 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Lululemon to $470 from $550 and keeps an Outperform rating on the shares. The company reported Q1 adjusted EPS that was higher year-over-year and higher than consensus, which was primarily driven by better-than-expected expense deleverage, the analyst tells investors. While the U.S. women’s business started the year slow, men’s and international remain strong, the firm says. Against mixed expectations, the company reported a “nice” Q1 beat, the firm concludes.