UPDATE - Barclays Upgraded Lululemon Athletica (LULU) to Equalweight; More Reasonable Valuation

UPDATE - Barclays upgraded Lululemon Athletica Inc. (NASDAQ: LULU) from Underweight to Equalweight. Price target raised from $45 to $50.

Barclays analyst says, "Over the past week, LULU shares have corrected sharply, and are down 11% versus the S&P 500 down 3% and the S&P Retail Index down 3%. Over the past month, the shares are down 24% versus the S&P 500 down 14% and the S&P Retail Index down 14%. The shares currently trade at 34 times our 2012 EPS estimate, down from 46 times one month ago and down from their peak of 47 times...raising our 2011 EPS estimate to $1.10 from $1.08 and 2012 to $1.40 from $1.35."

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 $48.00 yesterday.

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