Lululemon Athletica Inc. LULU reported better-than-expected results for its second quarter and boosted its annual projections.
For the full fiscal year, Lululemon sees revenue hitting $7.865 billion to $7.940 billion, which represents a three-year compounded annual growth rate of 26%. The Street estimate for revenue is $7.69 billion. Full-year earnings per share are estimated to be $9.75 to $9.90 versus a Street estimate of $9.44.
Lululemon shares rose 9.7% to $322.99 in pre-market trading.
Several analysts made changes to their price targets on Lululemon today.
- Keybanc boosted the price target on the stock from $350 to $375. Keybanc analyst Noah Zatzkin maintained an Overweight rating on the stock.
- JP Morgan increased price target on the stock from $382 to $396. JP Morgan analyst Matthew Boss maintained Lululemon with an Overweight.
- Piper Sandler raised the price target on the stock from $310 to $320. Piper Sandler analyst Abbie Zvejnieks maintained the stock with a Neutral.
- UBS increased the price target on the stock from $296 to $333. UBS analyst Jay Sole maintained the stock with a Neutral rating.
- Morgan Stanley boosted Lululemon’s price target from $315 to $343. Morgan Stanley analyst Alex Straton maintained an Overweight rating on the stock.
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