Piper Sandler analyst Anna Andreeva raised the price target on Lululemon Athletica Inc. (NASDAQ: LULU) to $340.00 (from $260.00) while maintaining a Neutral rating.

The analyst said: "With a slight sales and a bigger GM beat, LULU is showing impressive agility to guardrail profitability, albeit the core US trend remained similar sequentially (implied comps down LSD), and the upped EPS range is back to where the year started. Management sounds positive on the new design team's ability to chase into novelty, and it remains to be seen how the new product resonates come 1Q25, plus, opex is on the rise, with Marketing heading higher (and at 5%+ as % of Sales, is well under-invested vs. competitors). LULU's multiple has gone up 4-points since the summer as both the multiple and the "E" appear to have reached the bottom--while we raise our estimates (to $15.20 '25E EPS) and expect consensus to follow, ~25x P/E valuation now has some expectations. Raise PT to $340 (based on 22x '25E P/E, vs. 17.5x prior)--encouraged by stabilization but waiting for demand inflection in the US."