Wedbush Raises Price Target on lululemon athletica (LULU) to $84
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Wedbush reiterated an Outperform rating on Lululemon Athletica Inc. (NASDAQ: LULU), and raised the price target to $84.00 (from $82.00), following the company's 2Q earnings report. Sales fell below expectations with SSS hitting +5% versus consensus of +6%. 2Q gross margin (+260 bps) came in well above consensus expectations (+130 bps).
Analyst Morry Brown commented, "Thesis unfolding as margins turn positive; SSS remain strong, slightly below ambitious market expectations. 2Q results illustrate LULU’s ability to generate strong comp sales growth despite a challenging external environment, with a +7% comp increase (ex LY’s non comparable online warehouse sale). The long promised gross margin inflection has now taken hold, with continued margin gains planned for 2H and into 2017. We reiterate LULU’s OUTPERFORM rating and position as a member of the Wedbush Best Ideas List."
Shares of Lululemon Athletica Inc. closed at $76.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canaccord Genuity Thinks Athleisure Apparel has Peaked and Cuts Lululemon (LULU) to 'Sell'
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Wedbush Best Ideas List
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!