UPDATE: Oppenheimer Upgrades lululemon to Outperform, Raises Target to $63
Anna Andreeva, analyst at Oppenheimer, on Tuesday upgraded luluemon athletica inc. (NASDAQ: LULU) from Market Perform to Outperform and raised the price target from $53 to $63.
Andreeva highlighted her belief there will be levers which will help push profit and sales growth higher, "driven by double-digit square foot growth, double-digit growth online, and margin recovery over time." She noted US penetration of 55 percent and said international is "in early innings."
The Oppenheimer analyst sees some promise in a new management team at lululemon, suggesting there is potentially now a "transition story" at hand.
Shares are up 2.3 percent to $52.01 on the session as momentum from the previous two weeks continues. Shares have been trending up towards the massive downward earnings gap created in the middle of December.
Latest Ratings for LULU
|May 2016||Bank of America||Reinstates||Underperform|
|Apr 2016||JP Morgan||Maintains||Overweight|
|Mar 2016||Goldman Sachs||Maintains||Sell|
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