Lululemon price target raised to $425 from $380 at Wells Fargo

Wells Fargo analyst Ike Boruchow raised the firm’s price target on Lululemon to $425 from $380 and keeps an Overweight rating on the shares. The firm believes Q4 results should quickly revive the Lululemon bull case – with a strong finish to Q4, well above-buyside Q1 outlook, conservative FY23 plan and meaningful inventory progress creating a new narrative.