Shares of Lululemon Athletica Inc (NASDAQ:LULU) spiked in early trading on Friday, after the Vancouver, Canada-based company reported its second-quarter results.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.

• Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating, while raising the price target from $430 to $450.
• BMO Capital Markets analyst Simeon Siegel reiterated a Market Perform rating, while lifting the price target from $355 to $376.
• KeyBanc Capital Markets analyst Ashley Owens maintained an Outperform rating, while raising the price target from $425 to $450.
• Raymond James analyst Rick Patel reiterated a Buy rating, while raising the price target from $438 to $440.
• Guggenheim Securities analyst Robert Drbul reaffirmed a Buy rating and price target of $440.

Check out other analyst stock ratings.

Telsey Advisory Group: Lululemon Athletica delivered an earnings beat in the second quarter, driven by “broad-based strength in sales, gross margin, and SG&A all coming in better than both the market’s expectations and company guidance,” Telsey said in a note.

Management raised their full-year sales projections to $9.51 billion — $9.57 billion, from a range of $9.44 billion — $9.51 billion, the analyst stated. Lululemon Athletica continued to deliver impressive results “despite difficult compares and a challenging macro environment,” she added.

BMO Capital Markets: “LULU reported a top- and bottom-line beat, as higher revenues flowed through at slightly better GM/SG&A,” Siegel wrote in a note.

Management also issued better-than-expected guidance for the third quarter and raised their full-year projections, the analyst noted. “LULU performance remains impressive, in our view, representing among the best in retail."

KeyBanc Capital Markets: “Ongoing strength remains broad based, and reinforces our view that increasing brand awareness and product newness are enabling LULU to execute ahead of its Power of Three x2 plan outlined last year, as well as successfully navigate the ongoing challenging macro environment,” Owens said.

“LULU remains one of our favorite names this year, and LT, we continue to see meaningful opportunity via product innovation/launches and international expansion,” he added.

Raymond James: Although Lululemon Athletica’s growth slowed sequentially, it was strong on a year-on-year basis, Patel stated.

While North America growth accelerated, strength continued in China, where the brand is still emerging and has “a long runway,” the analyst mentioned. “GM% performance remained strong."

Guggenheim Securities: “Core product and new launches continue to resonate with consumers reflecting a DD growth across men's, women's, and accessories,” Drbul wrote in a note.

“We continue to believe that China holds significant growth potential for LULU as the company targets to quadruple international revenues by 2026,” the analyst said. Lululemon Athletica would open most of its 35 planned international stores in China this year, he added.

LULU Price Action: Shares of Lululemon Athletica had risen 4.18% to $397.19 at the time of publication Friday.