Benzinga - Lululemon Athletica (NASDAQ: LULU) shares are trading higher after Wells Fargo reiterated its bullish rating on the stock.
What Happened: On Wednesday, Wells Fargo analyst Ike Boruchow reiterated an Overweight rating and a $380 per share price target, citing “too much negativity priced in today.” Boruchow believes that 2023 will be a successful year for Lululemon, expecting on-target sales, imminent inventory fixes and strong margin tailwinds.
Additionally, analysts at Wells Fargo believe Lululemon stock is “cheap,” compared to other premium clothing brands. Boruchow argues that a combination of these factors presents a buying opportunity before the company's Q4 earnings report, which is set to take place on Mar. 28.
Lululemon Athletica Inc. designs distributes and markets athletic apparel, footwear, and accessories for women, men, and girls. Lululemon offers pants, shorts, tops, and jackets for both leisure and athletic activities such as yoga and running
According to data from Benzinga Pro, Lululemon Athletica shares were up 3.62%, trading at $309.62 at the time of publication. The stock has a 52-week high of $410.70 and a 52-week low of $252.01.
Photo courtesy of Lululemon Athletica
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