Lululemon price target raised to $360 from $310 at Truist

Truist analyst Joseph Civello raised the firm’s price target on Lululemon (LULU) to $360 from $310 and keeps a Buy rating on the shares. The stock has recently outperformed, gaining 18% over the past month vs. S&P 500’s 1% decline, though shares have still meaningfully underperformed year-to-date and the company’s valuation remains near-decade lows, the analyst tells investors in a research note. Intra-quarter card data indicates that U.S. sales came in slightly below consensus forecasts in Q3,though the firm was encouraged by an acceleration in trends in mid-October, while a surge in momentum for Lululemon-related-TikTok-posts in September-October strengthens Truist’s conviction in the brand, the firm added.