Several Analysts Boost Price Targets On Lululemon Following Q3 Results, But UBS Cuts PT

Several Analysts Boost Price Targets On Lululemon Following Q3 Results, But UBS Cuts PT

Lululemon Athletica Inc (NASDAQ: LULU posted upbeat results for its third quarter, but issued weak holiday-quarter guidance.

Lululemon’s quarterly revenue increased 28% year-over-year to $1.86 billion, which beat average analyst estimates of $1.81 billion. The company reported quarterly earnings of $2 per share, which beat estimates of $1.96 per share.

Lululemon said it sees Q4 revenue to be between $2.605 billion and $2.655 billion versus estimates of $2.65 billion. The company sees full-year revenue in a range of $7.944 billion to $7.994 billion versus estimates of $7.96 billion.

Lululemon shares dropped 13.3% to trade at $324.77 on Friday.

These analysts made changes to their price targets on Lululemon after the company released quarterly results.

  • Morgan Stanley raised the price target on Lululemon from $343 to $387. Morgan Stanley analyst Alex Straton maintained an Overweight rating on the stock.
  • Wells Fargo boosted Lululemon price target from $345 to $360. Wells Fargo analyst Ike Boruchow maintained an Equal-Weight rating on the stock.
  • Baird raised the price target on the stock from $430 to $435. Baird analyst Mark Altschwager maintained the stock with an Outperform.
  • Goldman Sachs increased Lululemon price target from $383 to $431. Goldman Sachs analyst Brooke Roach maintained the stock with a Buy, but removed from Conviction Buy List.
  • Piper Sandler raised the price target on Lululemon from $350 to $390. Piper Sandler analyst Abbie Zvejnieks maintained the stock with an Overweight.
  • UBS, however, cut Lululemon price target from $395 to $390. UBS analyst Jay Sole maintained a Neutral rating on the stock.
Posted In: PT ChangesEarningsNewsGuidancePrice TargetMarketsAnalyst RatingsTrading Ideas