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Lululemon’s (NASDAQ:LULU) acquisition of Mirror is mutually beneficial for both companies, according to Raymond James.
The Lulumeon Analyst: Matthew McClintock reiterated a Strong Buy rating on Lululemon.
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The Lululemon Thesis: McClintock estimated that Mirror has the potential to reach $2.5 billion in revenue and contribute an additional 50 cents to Lululemon's EPS by 2023.
The analyst named the following as growth drivers:
- Mirror’s partnership with Lululemon creates a potential distribution advantage over other fitness brands.
- Mirror could reach over 2 million subscribers by 2023.
- Mirror’s customer acquisition costs will be lower considering the traffic levels in Lululemon’s physical shops.
- Mirror expands Lulu’s reach to a larger digital platform that has been intensified by the pandemic and the need for an at-home fitness device market.
To that end, “Mirror is perfectly positioned to capture more than its fair share,” McClintock said.
LULU Price Action: Lululemon shares ended Wednesday's session 2.97% higher at $345.33.
Public domain photo via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.