Lululemon Athletica Inc. (LULU) PT Lowered to $404 at Morgan Stanley

Morgan Stanley analyst Alex Straton lowered the price target on Lululemon Athletica Inc. (NASDAQ: LULU) to $404.00 (from $490.00) while maintaining a Overweight rating.

The analyst comments "We expect revenue-driven 1Q EPS upside & a potential FY EPS guidance raise, but think only an outsized US sales result can suppress the bear thesis N-T. We remain Overweight rated on the potential for US upside surprise, a still best-in-class profitability profile, & the ongoing prospect for positive NTM EPS revisions, that to us, warrant a higher forward P/E multiple than LULU’s current levels. Stay OW; PT to $404."

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