lululemon (LULU) Hit by Negative Analyst Comments

Shares of lululemon athletica (Nasdaq: LULU) are tumbling this morning on negative comments out of several analyst firms. The stock is currently down 10%, or $1.43, to $12.74.

One analyst at William Blair downgraded lululemon from Outperform to Market Perform, citing lower consumer confidence in Canada and a stronger US dollar, which will negatively impact the company's earnings. The analyst also noted that lululemon appears to be holding up in this environment much better than other retailers, but expects downward revisions to earnings and valuation metrics to weigh on the stock in the near-term.

Elsewhere around the Street, BMO Capital cut its price target on lululemon from $26 to $10. With the firm's price target below the stock's current price, BMO sees lululemon falling more than 20% from current levels.

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

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