Evercore ISI analyst Michael Binetti raised the firm’s price target on Lululemon to $530 from $475 and keeps an Outperform rating on the shares. The analyst acknowledges Lululemon’s stock having outpaced the XRT over the past month “could limit near-term upside” and says “its well-known that LULU guides 4Q more conservatively than 1Q-3Q,” but the analyst doesn’t think removing a name with the quality and consistency of execution Lululemon has shown from the analyst’s top 5 list due to valuation is “the right call,” according to the firm’s research note. Strong early holiday trends should support a Q4 guidance increase, the analyst added.
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