Lululemon price target raised to $500 from $380 at Oppenheimer

Oppenheimer raised the firm’s price target on Lululemon (LULU) to $500 from $380 and keeps an Outperform rating on the shares. The firm says Lululemon is now tracking well through its prior objective. Over the next several quarters, on the heels of continued superb operational and financial disciplines, and strengthening merchandising, Oppenheimer is increasingly optimistic that top-and bottom-line expansion at Lululemon should gradually solidify, pushing back towards normalized-algos. While shares are no longer “cheap,” the firm views the multiple at which Lululemon trades as still accommodative and likely to at least hold, particularly against a strengthening fundamental backdrop. Lululemon represents a Top Pick within Oppenheimer Consumer Growth and e-commerce coverage.