Lululemon price target lowered to $525 from $560 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lululemon to $525 from $560 and keeps an Overweight rating on the shares. The company reported strong 4Q results, but softer quarter-to-date trends led to a disappointing fiscal 2024 guide, the analyst tells investors in a research note. The firm says that while it was prepared for below algorithm sales growth, this level of deceleration in the U.S. “does raise some concerns on market share opportunity.” Piper believes this could be a factor of lapping higher markdowns and a general spending lull between buying periods.