Lululemon price target raised to $390 from $375 at KeyBanc

KeyBanc analyst Noah Zatzkin raised the firm’s price target on Lululemon to $390 from $375 and keeps an Overweight rating on the shares after the company posted "impressive" Q4 results, ahead of expectations following the January guidance update, and introduced strong FY23 guidance. The firm notes that results plus guidance reinforce its view that brand strength and product newness, coupled with a broader shift toward the casualization of apparel, are enabling Lululemon to navigate a challenging environment better than most peers. Lululemons remains one of KeyBanc’s key ideas for 2023, and long-term, it sees meaningful opportunity via product innovation/launches and international growth.