Morgan Stanley lowered the firm’s price target on Lululemon (LULU) to $411 from $420 and keeps an Overweight rating on the shares. The bar heading into Q4 “feels lower than just a few weeks ago” and the firm sees room for EPS upside, but thinks management will opt to set more conservative, below-consensus fiscal year guidance, the analyst tells investors in a preview. While the firm remains Overweight rated, it cautions that Americas go-forward commentary will likely dictate where the stock moves in the near-term.
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