Lululemon Athletica Inc. (LULU) PT Lowered to $457 at JPMorgan, Added to AFL

JPMorgan analyst Matthew Boss lowered the price target on Lululemon Athletica Inc. (NASDAQ: LULU) to $457.00 (from $509.00) while maintaining a Overweight rating.

The analyst comments "With lulu’s brand still having a place domestically and International an untapped opportunity, our top-line build points to an ~$8B brand in FY22 (vs. ~$2.0B in FY15) supported by (1) significant untapped International presence, (2) outsized growth of men’s, (3) a push into newer categories such as personal care and footwear, and (4) ongoing growth in the e-commerce business to augment low-double-digit growth in the core North America business (i.e., women’s, stores). This supports midteens top-line growth and high-teens earnings growth through FY26 with modest annual operating margin expansion driven by gross margin and SG&A leverage."

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