Lululemon price target raised to $420 from $360 at Truist

Truist analyst Joseph Civello raised the firm’s price target on Lululemon (LULU) to $420 from $360 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s U.S. business appears to be stabilizing as they introduce more “newness” into their assortments, and with the management pointing to further sequential improvements in this crucial area, Truist is more “bullish” on Lululemon’s opportunity to re-accelerate growth in the U.S., the analyst tells investors in a research note. The stock is still down 27% year-to-date following the post-earnings move higher, which creates an “attractive entry point”, the firm added.