Citi upgraded Lululemon shares to buy from neutral, saying that it has more than 37% upside as its brand momentum continues.
Lululemon is "checking all the right boxes," according to Citi, with "all systems ready to go" for accelerated growth in 2023. Citi raised its rating on Lululemon shares to buy from neutral, after the company topped fiscal fourth-quarter estimates and offered an upbeat forecast for the coming year. In the latest quarter, the athleisure company earned $4.40 per share , excluding items, on revenue of $2.77 billion. Analysts polled by Refinitiv had estimated it would earn $4.
Lejuez estimates China will account for as much as 22% of the brand's sales by fiscal 2027, up from 8% in fiscal 2022. Citi increased its price target on Lululemon shares to $440 from $350, implying 37.4% upside from Tuesday's closing price. Lejuez noted that Lululemon has doubled its U.S. sales since 2019, underscoring its brand strength and the ongoing opportunity it has in an already mature market.
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