Lululemon price target raised to $400 from $350 at Citi

Citi analyst Paul Lejuez raised the firm’s price target on Lululemon to $400 from $350 and keeps a Neutral rating on the shares. The analyst anticipates a "big top/bottom line beat" in Q3 relative to consensus estimates. The momentum Lululemon was seeing in the first half of the fiscal year continued in Q3 and early Q4, driven by broad strength across categories and geographies, Lejuez tells investors in a research note. However, expectations "are high heading into the print, making for a tough setup," writes the analyst.