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Lululemon Athletica inc. (NASDAQ: LULU) is expected to report Q3 results Wednesday after the close. Even following mixed results from other apparel retailers, Wedbush analyst Morry Brown maintains an Outperform rating and $70 12-month price target on the stock.
The key bear-side thesis before Lululemon reports involves concerns over markdowns, which Brown feels could be overstated.
“We acknowledge some difficulty in precisely measuring the magnitude of markdowns in stores this year compared to the warehouse sale last year, creating some uncertainty into the print,” said Brown.
However, after the nearly 30 percent depreciation in shares over the past three months, an in-line report should lift shares, according to the analyst.
The consensus estimate leading into the Q3 report is EPS of $0.43 and revenue of $446 million.
Lululemon closed Monday trading at $57.12.
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.
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