Piper Sandler analyst Anna Andreeva reiterated a Neutral rating and $190.00 price target on Lululemon Athletica Inc. (NASDAQ: LULU)

The analyst comments: "LULU is showing some progress in thinking through the turnaround in the US, with inventories that appear better managed (units expected flat to down ending 1Q26 and the year), gradual return to full price selling (beginning in 2Q26), and SKU reduction (we think in logo/accessories but also in apparel). Innovation is going up from 23% of sales to 35% in '26--while it remains to be seen if newness will resonate (green shoots called out thus far), it is a positive that innovation is viewed as entirely new product (and not just new colors as previously). EBIT margins are guided down 250 bps (about equal contribution from lower GM and SG&A as LULU is layering back incentive comp/store labor) and 17.4% for '26 is seen as the trough. Raise est. --LULU is under-owned at 13x PE, albeit who the new CEO will be is key for the stock."

For an analyst ratings summary and ratings history on Lululemon Athletica Inc. click here. For more ratings news on Lululemon Athletica Inc. click here.

Shares of Lululemon Athletica Inc. closed at $159.27 yesterday.