Lululemon price target raised to $420 from $400 at KeyBanc

KeyBanc raised the firm’s price target on Lululemon (LULU) to $420 from $400 and keeps an Overweight rating on the shares. Lululemon noted stronger holiday results, and the firm thinks the gradual move back to a more normalized level of newness should have a positive impact on U.S. sales trends and our FY25 estimates. KeyBanc continues to view Lululemon as well-positioned given its exposure to the athleisure market, and sees continued execution on its Power of Three x2 initiatives this year.