Read Why Jefferies Downgraded This Athletic Apparel Retailer

Jefferies analyst Randal Konik downgraded Lululemon Athletica Inc (NASDAQ:LULU) to Underperform from Hold and reduced the price target to $200 from $375, implying a 29% downside.
Konik sees risks to Lululemon's consensus estimates amidst rising competition and macroeconomic volatility.
The analyst also said there is likely risk to Lululemon's sky-high sales per square foot.
Price Action: LULU shares are trading lower by 3.37% at $283.51 on the last check Monday.