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Wall Street believes Lululemon Athletica inc. (NASDAQ: LULU) may be headed for a breakout, after the company raised its Q4 revenue and EPS guidance following a strong holiday selling period.
Lululemon forecasted earnings in a range of $0.78-$0.80 per share, up from its previous range of $0.75-$0.78 per share.
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The yogawear retailer's comparable sales increased by high-single digits, up from previous guidance for mid-single digits.
Shares closed up almost 4 percent at $56.82.
Credit Suisse reiterated its Outperform rating and raised its target price from $59 to $60.
"Margin performance also looks to be in line with expectations, a positive result in light of recent mis-execution. We now have increasing conviction in our thesis of solid underlying demand as the company recaptures lapsed customers and; the potential for margin stabilization and eventual expansion as supply chain operations are brought in order," the firm noted in a research note.
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Related Link: Lululemon Buoyed By 'Cult Following'
SunTrust Robinson Humphrey reiterated a Buy rating with a $66 price target.
"After the close LULU raised sales/EPS guidance to $690M-695M/$0.78-0.80 from $670M-685M/$0.75-0.78 on better top-line results and in-line GM/SG&A of 49-50 percent/>25.4 percent. We believe inventory liquidation initiatives are on track and that recent GM pressure (-370bps/-340bps in 2Q/3Q, projected -150 to -250bps in 4Q) is ST in nature," SunTrust noted.
Morgan Stanley reiterated an Overweight rating with a price target of $68.
Lululemon remains Morgan Stanley's "favorite 2016" turnaround. "LULU raised its 4Q comp outlook and expects GM in-line with guidance for the second consecutive quarter, driving the stock ~8 percent higher postmarket. 2016 continues to look prime for positive earnings revisions and share price gains," the firm commented.
Barclays issued an Overweight rating with a price target of $85.
The firm is bullish on shares, due to its present opportunities for growth such as ivivva, international and men's business, and financial characteristics. "We are increasing our 2015 EPS estimate to $1.82 from $1.80: With strong comps and meaningful gross margin expansion potential later this year, we believe LULU embodies rare aspects in the consumer discretionary space," Barclays noted.
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.