Raymond James analyst Rick Patel downgraded Lululemon to Outperform from Strong Buy with a price target of $495, up from $440, following the recent stock rally, reflecting some upside being factored in. Raymond James believes Lululemon remains a high-quality growth story with a long runway from International and Men’s, with strong margins that can modestly expand further, the analyst tells investors in a research note. The firm expects an in-line Q3, but is modeling slower growth for Q4, in line with implied guidance.
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