Needham & Company analyst, Rick Patel, reiterated his Buy rating on shares of Lululemon Athletica Inc. (NASDAQ: LULU) and raised his price target to $84 from $79 after the company offered an upward guidance revision for 4Q sales and EPS.

The analyst, believes this reflects growing brand acceptance and positive momentum that he expects will continue. He stated "Holiday growth was well balanced across genders, channels, and geographies; management also noted being “thrilled” with GM. Comp comparisons are relatively easy in early 2018 as LULU laps ecommerce and assortment challenges from 1Q17. Longer term, we see significant white space opportunities internationally (<10% of sales) and in men’s
(19% of sales)".

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 $79.04 yesterday.