Janney Montgomery Scott Upgrades Lululemon Athletica Inc. (LULU) to Buy

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Janney Montgomery Scott upgraded Lululemon Athletica Inc. (NASDAQ: LULU) to Buy with a price target of $57.00.

We are upgrading shares of LULU to Buy from Neutral and maintaining our 12-month fair value of $57. We believe the selloff in the stock represents an attractive entry point to accumulate shares of what we believe to be a core holding in a retail growth portfolio. We believe the stock sold off today due to 1) conservative 4Q11 guidance, 2) top-line miss versus consensus, and 3) significantly higher inventory at the end of 3Q11.

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 $49.70 yesterday, with a 52 week range of $42.18-$123.84.

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