Credit Suisse Downgrades lululemon (LULU) to Neutral Following Soft Guidance

Credit Suisse downgrades lululemon athletica (Nasdaq: LULU) from Outperform to Neutral.

The downgrade follows lululemon's Q3 earnings report, which was released this morning before the market opened. While lululemon reported in-line Q3 results, it issued Q4 and FY08 guidance which was well below the Street estimates.

Shares of lululemon are currently down 23.8%, or $2.49, to $7.97.

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

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