UPDATE: Wedbush Upgrades Lululemon on Sentiment Turnaround

In a report published Monday, Wedbush analyst Corinna Freedman upgraded

from Neutral to Outperform and raised the price target from $54.00 to $64.00 noting a turnaround in sentiment. Freedman remarked that management's marketing and April Analyst Day will likely clear up concerns regarding the yoga-inspired brand. In addition, the analyst emphasized high short interest and a '"scarcity of mid-cap consumer growth stories." Although concerns regarding competition, fashion risk and execution remain, Wedbush commented that Minnesota warehouse sales had an impressive customer turnout. The analyst wrote, "Comforted by a potential troughing of retail comps, new product initiatives, ivivva and men's strength, stepped-up international growth and several near-term catalysts support our new view. We anticipate that the shares will benefit from improving weather as store traffic improves from trough levels and that the Analyst Day in mid-April will be catalyst with a focus on new product initiatives." Shares of Lululemon Athletica closed at $51.89 on Friday. The stock is currently up 3.06 percent in Pre-Market trading.