Oppenheimer Remains Bullish Ahead of Lululemon Athletica's (LULU) 2Q
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Oppenheimer reiterated an Outperform rating and $80.00 price target on Lululemon Athletica Inc. (NASDAQ: LULU) ahead of the company's 2Q earnings report.
Analyst Anna Andreeva commented, "LULU reports 2Q16 EPS 9/1, AMC. With 2Q16 demand improved vs. 1Q16 for the industry on average (for our universe, sales accelerated by ~100 bps sequentially) and given company's recent history of top line surprises (beat sales guidance last 5 out of 6 quarters), expectations are for a top line and bottom line beat; stock has been one of best performers in discretionary (up 54% YTD, group up 10%). We think product execution keeps improving (better balance in tops across price points; last year's pant wall launch is being lapped with expanded Align fits & colors) with margin recapture accelerating (internal supply chain initiatives ahead of plan, inventories cleaned up); trading at 32x '17E EPS, valuation delta compressing vs. UA/NKE and embeds both continued top line/earnings upside."
Shares of Lululemon Athletica Inc. closed at $80.18 yesterday.
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