Lululemon price target raised to $400 from $393 at Oppenheimer

Oppenheimer analyst Brian Nagel raised the firm’s price target on Lululemon to $400 from $393 and keeps an Outperform rating on the shares. Market sentiment toward Lululemon has soured lately, as investors have fretted increasingly over prospects for stepped up inventory clearance, against a potentially worsening demand backdrop, the firm notes. Oppenheimer believes underlying, structural expansion prospects for Lululemon remain solidly intact, and any cyclically-driven margin and/or sales pressures, at the company, are likely to prove short-lived.