Credit Suisse analyst Michael Binetti raised the firm’s price target on Lululemon to $465 from $390 and keeps an Outperform rating on the shares. Despite Lululemon’s assurances that inventory was needed to reverse top line bottle necks, elevated inventory has remained a key input to the Lululemon bear case lately. But Lululemon hasn’t hosted a warehouse sale, his store checks through the quarter showed strong traffic, and his Black Friday/Cyber Monday checks showed minimal discounting in stores. Further, Binetti noted multiple restocks on Lululemon’s popular Belt Bag in recent weeks-likely helping holiday sales.
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Published first on TheFly
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