Lululemon price target raised to $390 from $350 at Piper Sandler

Piper Sandler analyst Abbie Zvejnieks raised the firm’s price target on Lululemon to $390 from $350 and keeps an Overweight rating on the shares. The company had a "strong" Q3 which beat on the top and bottom line, but its Q4 guidance "left little room for upside" to Street estimates, Zvejnieks tells investors in a research note. While not entirely immune to macro pressures, Lululemon is one of the best positioned companies in the near term as the consumer gravitates towards product with high brand affinity and technical innovation, says the analyst.