Lululemon price target raised to $414 from $345 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Lululemon (LULU) to $414 from $345 and keeps an Overweight rating on the shares. The Q3 beat and guidance raise validates the bulls’ argument, while U.S. stabilization, China and women’s improvement, and controlled promotions “dampen bear theses,” the analyst tells investors in a post-earnings note.