Lululemon price target lowered to $350 from $470 at Baird

Baird lowered the firm’s price target on Lululemon to $350 from $470 and keeps an Outperform rating on the shares. The firm trimmed its estimates to incorporate more conservative revenue growth assumptions given softer checks through FQ2, as there is no clear indication of US demand reacceleration, despite easier compares and recent developments on the product front with the new Breezethrough collection pulled weeks after launch.