Jefferies Upgrades Lululemon Athletica Inc. (LULU) to Hold, Price Target $65

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Jefferies upgraded Lululemon Athletica Inc. (NASDAQ: LULU) to a Hold rating from its previous rating of Underperform. The firm is also raising their EPS/EBITDA estimates for FY10 and FY11 to $1.48/$201 and $1.70/$241 from $1.28/178 and $1.35/$200. As a result of their estimate increases , the firm is increasing their price target on the company to $65 from $40.

The firm reports that brand discovery is rising faster than they expected. Products like the yoga pants contribute to 29%of the companies quarter earnings. Oprah mentioning the company on he 2010 Favorite Things list helped build the brand image and awareness they were looking for.

For more ratings news on Lululemon Athletica Inc. click here and for the rating history of Lululemon Athletica Inc. click here.

Shares of Lululemon Athletica Inc. closed at $63.56 yesterday, with a 52 week range of $24.67-$48.45.

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