UPDATE: Goldman Sachs Initiates Coverage on Lululemon Athletica with Neutral Rating, $72 PT on Transition Period

In a report published Thursday, Goldman Sachs analyst Lindsay Drucker Mann initiated coverage on Lululemon Athletica

with a Neutral rating and $72.00 price target. In the report, Mann noted, “We initiate coverage of LULU with a six-month, $72 price target and a Neutral rating. LULU has many of the attributes we look for in a high-quality growth story. A disruptive Specialty retailer that owns its brand and distribution, LULU is virtually in a category of its own, having cracked the code on a growing women's segment of athletic lifestyle apparel. That said, while there is a lot to like about the story, we see LULU in a period of transition that keeps us Neutral for now.” Lululemon Athletica closed on Wednesday at $62.78.