Lululemon price target raised to $415 from $350 at Guggenheim

Guggenheim analyst Robert Drbul raised the firm’s price target on Lululemon (LULU) to $415 from $350 and keeps a Buy rating on the shares after the company reported Q3 EPS and revenue that beat the firm’s estimates. Given the “solid results,” the firm increased its FY24 EPS estimate to $14.15 from $14.05, noting that its Q4 estimates remain largely unchanged despite the promising start to the holiday season as it is “mindful of macro uncertainties as well as the condensed holiday shopping period.” Overall, the firm believes the positioning for the brand and company “remains quite robust,” the analyst added.