Lululemon price target lowered to $498 from $561 at Truist

Truist analyst Joseph Civello lowered the firm’s price target on Lululemon to $498 from $561 but keeps a Buy rating on the shares. The company’s Q4 results saw a “solid beat”, but its 2024 outlook was below expectations due to slowing U.S. trends in a challenging environment, the analyst tells investors in a research note. The slowdown is concerning, but the outlook is likely to prove “conservative”, Truist adds, stating that the firm expects beats and raises from Lululemon this year.