BMO Capital raised the firm’s price target on Lululemon to $420 from $408 and keeps a Market Perform rating on the shares. The analyst cites the company’s better than expected Q4 revenue, “healthy” earnings beat, and strong gross margins. While Lululemon guided Q1 and FY24 below consensus amid a soft U.S. start to the quarter, this will likely prove conservative, suggesting published estimate revisions should likely be less severe than the after-market share drop, the firm tells investors in a research note.
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