Lululemon price target raised to $420 from $410 at Credit Suisse

Credit Suisse analyst Michael Binetti raised the firm’s price target on Lululemon to $420 from $410 and keeps an Outperform rating on the shares following quarterly results. With inventories moving in the right direction, Lululemon was able to "confidently guide" to 2023 promotional levels returning to historical average, the firm says. Credit Suisse notes sales guidance looks "very conservative." And with China representing only 8% of sales today but 15% of global store count, it thinks Lululemon China will be one of the marquee stories in all of Softlines retail in 2023.