Lululemon price target lowered to $515 from $575 at Evercore ISI

Evercore ISI analyst Michael Binetti lowered the firm’s price target on Lululemon to $515 from $575 and keeps an Outperform rating on the shares. The U.S. side of the business is “off to the very slow start in 1Q that we feared” and the firm did not hear “a full explanation for the rapid deceleration after what we thought was a solid US holiday,” the analyst tells investors. The slow start to year and “puzzling” U.S. deceleration “adds risk to the story,” but the firm thinks fiscal year guidance “looks conservative,” the analyst added.