Cowen Reiterates Outperform on lululemon athletica (LULU) Following 2Q
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Cowen reiterated an Outperform rating and $80.00 price target on Lululemon Athletica Inc. (NASDAQ: LULU) following the company's 2Q earnings report. LULU reported an EPS print of $0.38, in-line with the Street. Also, a better-than-expected gross margin expansion was offset by higher SG&A.
Analyst Oliver Chen commented, "LULU's 2Q results were solid, despite a minor comp miss (+5% vs. Street +5.8%). Impressively, gross margin expansion came in significantly ahead of Street (+260bp vs. St. +140bp), and 2Q marked the inflection pt. for structural margin recovery. Going forward, margins set to expand further as benefits from improved supply chain are reaped. Reit. Outperform."
Shares of Lululemon Athletica Inc. closed at $76.66 yesterday.
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