Lululemon price target lowered to $515 from $570 at KeyBanc

KeyBanc lowered the firm’s price target on Lululemon to $515 from $570 and keeps an Overweight rating on the shares. Lululemon posted strong Q4 results ahead of expectations, and introduced 2024 guidance, the analyst tells investors in a research note. While the firm comes away from the print lowering its price target to reflect the softer guidance, long-term fundamentals remain intact, and KeyBanc remains confident in management’s ability to execute on its Power of Three x2 plan of $12.5B in revenue and modest operating margin expansion by 2026.