UPDATE: Wedbush Initiates Coverage on Lululemon Athletica

According to a research report published this morning, Wedbush has initiated Lululemon Athletica LULU with an Outperform rating and $90 PT. Wedbush said in the report, "We are initiating coverage of LULU with an OUTPERFORM rating and price target of $90 as we believe the company's compelling store growth potential, combined with the ability to drive solid same-store sales momentum warrants a premium multiple. LULU offers additional legs of growth via new concept ivviva athletica, the DTC business, and international expansion. With its highly specialized technical fabrication and consistent innovations, we believe LULU will continue to outpace its competitors." Lululemon closed yesterday at $74.57.