Analysts Lift Lululemon Price Target Following Strong Q3 Beat
Portfolio Pulse from Lekha Gupta
Lululemon Athletica Inc (NASDAQ:LULU) received increased price targets from several analysts after a strong Q3 earnings beat and announcing a $1 billion buyback. The company reported a 19% Y/Y revenue increase to $2.2 billion, surpassing estimates, and adjusted earnings of $2.53 per share, also above expectations. LULU's Q4 revenue forecast is slightly below estimates, but full-year 2023 revenue and earnings are expected to be strong. Analysts from Needham, Telsey Advisory Group, Goldman Sachs, Morgan Stanley, Barclays, JPMorgan, Keybanc, UBS, and Bernstein have all raised their price targets for LULU, with varying ratings from Buy to Market Perform.
December 08, 2023 | 6:26 pm
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POSITIVE IMPACT
Lululemon's strong Q3 performance and positive analyst outlook, coupled with a $1 billion buyback, have led to increased price targets from several firms, indicating a bullish sentiment that could positively impact the stock price in the short term.
The combination of Lululemon's earnings beat, raised revenue and EPS estimates, and the announcement of a significant share buyback program have led to a positive reassessment by analysts. This is likely to be viewed favorably by investors, potentially driving up the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100