Lululemon price target raised to $430 from $360 at BTIG

BTIG analyst Janine Stichter raised the firm’s price target on Lululemon (LULU) to $430 from $360 and keeps a Buy rating on the shares. The company’s Q3 earnings, revenue, and gross margins topped estimates and its FY24 guidance was raised, with Americas business remaining stable and markdowns remaining flat, the analyst tells investors in a research note. With women’s business re-accelerating in Q3, leggings sales on a more positive trajectory, and easing compares around the corner, it is increasingly appearing that the major leg down in trends feared among investors may not materialize, the firm added.