RBC Cuts Price Target on lululemon (LULU) to $9; Maintains Outperform

RBC Capital lowered its price target on lululemon athletica (Nasdaq: LULU) from $17 to $9 today. The firm maintains its Outperform rating on the stock. Notably, RBC just recently (December 6) lowered its target on lululemon from $30 to $17.

The price target reduction follows a 32% decline in lululemon's stock price yesterday on the back of soft Q4 guidance reported before the market opened. Following the news, several analysts downgraded the stock: Credit Suisse from Outperform to Neutral and Thomas Weisel from Overweight to Equalweight.

Shares of lululemon are moving slightly lower today. The stock most recently traded at $7.06, down 0.3% from yesterday's close. Despite the price target reduction, RBC's target still represents potential price appreciation of nearly 30% from current levels.

lululemon athletica, inc. designs, manufactures, and distributes athletic apparel for women and men.

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