UPDATE: KeyBanc Capital Markets Upgrades lululemon athletica to Buy on Demand Strength

KeyBanc Capital Markets upgraded lululemon athletica

from Hold to Buy and established a $82 price target. KeyBanc Capital Markets noted, "We think lululemon athletica (LULU-NASDAQ) is one of the most powerful growth opportunities in our coverage and are upgrading our rating from HOLD to BUY and establishing an $82 price target, which implies a 38x P/E on our 2013 EPS estimate. We had the opportunity to host CEO Christine Day and CFO John Currie in an ICR meeting and believe that recent “weakness” is driven by a combination of selfinflected issues as well as an unusually long holiday selling season, and not indicative of any underlying demand weakness." lululemon athletica closed at $72.30 on Monday.