Jefferies Comments On Lululemon's Executive Hire

Lululemon Athletica inc. LULU announced on Wednesday that it has appointed Stuart Haseldon as the company's new Chief Financial Officer, effective February 2.

Haselden brings 15 years of executive leadership experience in retail. Randal Konik of Jefferies commented in a note following the appointment that he is “no lemon.”

“We view this hire positively given Mr. Haselden's tenure at J. Crew and significant overall retail background,” Konik wrote. “In addition, we believe his experience with driving strategy and fostering international growth should dovetail nicely with Lululemon's current priorities to continue improving supply chain operations and meaningfully expand its global presence.”

Konik also notes that the hire is a “nice cultural fit” for the company and Haselden is a “strong successor” to the company's outgoing Chief Financial Officer John Currie. However, the analyst does not suggest chasing the stock following the announcement as shares are fully valued at current levels as the company's turnaround commences.

Shares are Hold rated with a $45 price target.