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Lululemon upgraded to Overweight from Equal Weight at Wells Fargo
The Fly

Lululemon upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Ike Boruchow upgraded Lululemon to Overweight from Equal Weight with a price target of $380, up from $360. The space is coming off its worst year since the global financial crisis as demand broke down, inventory ballooned, and costs spiked, and Boruchow sees a very challenging catalyst path heading into 2023, the analyst tells investors in a research note. Additionally, holiday results were likely "OK" at best, and with a difficult Q1 setup looming, Street numbers that will likely be coming down on weaker initial guidance, the analyst contends.

Published first on TheFly

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