UPDATE: Canaccord Genuity Initiates Coverage on Lululemon Athletica with Buy Rating, $91 PT

In a report published Monday, Canaccord Genuity initiated coverage on Lululemon Athletica

, with a Buy rating and $91.00 price target. Canaccord Genuity noted, “We are initiating coverage of LULU with a BUY rating and $91 price target. We believe LULU is evolving from an athletic brand with its roots in yoga to a lifestyle brand that is marrying form and function. To that end, the company has had issues in keeping pace with demand. Our supply chain checks suggest capacity in 2013 will expand and as a result traffic and conversion should improve, resulting in a reacceleration of comp growth.” Lululemon Athletica closed on Friday at $71.78.