Bernstein upgraded Lululemon to Market Perform from Underperform with a price target of $366, up from $328. The shares have “run flat on steady positive revisions,” with consensus numbers now building in a growth slowdown, the analyst tells investors in a research note. The firm likes the business long-term and see “less risk of unrealistic expectations” in the short term. Lululemon growth is slowing, “but the market was in denial,” writes Bernstein. However, the firm believes the expectations versus reality gap is narrowing.
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