BofA/Merrill Lynch raised estimates and its price target on Lululemon Athletica Inc. (NASDAQ: LULU) to $140.00 (from $121.00) while maintaining a Buy rating following analyst meetings in NYC.

Analyst Rafe Jadrosich said their key takeaway was that the company has multiple initiatives in place to drive same-store sales and EPS upside through 2018 even as comparisons turn more difficult. The company is also gaining traction in Asia and has also already made significant investments to support International growth acceleration over the next few years.

The firm raised raising F2018E EPS to $3.30 (from $3.21) and F2019E EPS to $3.85 (from $3.67).