Jefferies Cuts Estimates and Price Target Lululemon Athletica Inc. (LULU); L-T View Intact, But More Hesitant N-T

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Jefferies maintains a 'Hold' on Lululemon Athletica Inc. (NASDAQ: LULU) price target of $73.00 (from $76.00).

Analyst, Taposh Bari, said, "1Q doesn't change our long-term view but does make us more hesitant around valuation. We are OK with management's strategic decision to restrict sales upside (in favor of long-term product innovation) but can't help but wonder how the market would react to LULU actually posting a LDD% SSS in 2Q12. Similar to LY's inventory shortage issues, it may take the market 1-2 quarters to completely digest this latest development."

FY12 EPS estimate cut from $1.70 to $1.62 and FY13 from $2.24 to $2.15.

For an analyst ratings summary and ratings history on Lululemon Athletica Inc. click here. For more ratings news on Lululemon Athletica Inc. click here.

Shares of Lululemon Athletica Inc. closed at $63.84 yesterday, with a 52 week range of $41.70-$123.84.

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