Lululemon price target lowered to $530 from $540 at BofA

BofA lowered the firm’s price target on Lululemon to $530 from $540 and keeps a Buy rating on the shares. Q1 started off slower than anticipated in the U.S. and the company introduced Q1 and FY24 guidance below its long-term algorithm as management factored in the quarter-to-date weakness, noted the analyst. However, BofA thinks the guidance could prove conservative if new deliveries continue to perform and it expects “another year of strong innovation,” the analyst tells investors.