Wells Fargo analyst Ike Boruchow raised the firm’s price target on Lululemon to $445 from $425 and keeps an Overweight rating on the shares. The company reported a solid “check the box” quarter, with a solid revenue and earnings beat, above Street Q3 guide and raised fiscal year plan, the analyst tells investors in a research note. Notably, Lululemon’s gross margin again beat and inventory progress continues, says the firm. With momentum in the model, Wells thinks the stock’s multiple can expand.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on LULU:
- Fanny Packs and China Push Lululemon (NASDAQ:LULU) to New Highs
- Is Lululemon Stock (NASDAQ:LULU) a Buy, Sell, or Hold After Q2 Earnings?
- Lululemon price target raised to $480 from $430 at Barclays
- Lululemon sees FY23 EPS $12.02-$12.17, consensus $11.93
- Lululemon sees Q3 EPS $2.23-$2.28, consensus $2.23