Stifel lowered the firm’s price target on Lululemon to $539 from $596 and keeps a Buy rating on the shares. Q4 results topped the pre-announcement, though shares are under pressure in response to a below consensus Q1 outlook and FY24 guidance that embeds acceleration from the guided Q1 revenue trend, the analyst tells investors. While the firm acknowledges North America growth rates “will feel the gravity of large numbers,” it continues to view high-single digit North America growth as “sustainable” and encourages investors to buy on weakness.
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