Lululemon price target raised to $408 from $376 at BMO Capital

BMO Capital raised the firm’s price target on Lululemon to $408 from $376 but keeps a Market Perform rating on the shares. The company reported a slight top-line beat with better adjusted gross margins driving a “healthy” earnings beat, the analyst tells investors in a research note. BMO adds however that while Lululemon continues to post “among the best growth” in retail, at current levels, it sees the margin of error for the company being “too tight”.