Lululemon price target lowered to $380 from $445 at Oppenheimer

Oppenheimer lowered the firm’s price target on Lululemon (LULU) to $380 from $445 and keeps an Outperform rating on the shares ahead of quarterly results. Overall, while the firm expects top-line trends at lululemon remain sluggish, owing primarily to recent merchandising missteps in domestic women’s, it also believes internal dynamics are unlikely to have deteriorated further, and views demand within the athletic apparel and footwear space as largely stable, suggesting Q3 results for Lululemon at least consistent with Street expectations and limited, if any need for another revision lower in FY24 guidance.