Morgan Stanley lowered the firm’s price target on Lululemon (LULU) to $185 from $223 and keeps an Equal Weight rating on the shares. Q2 results gave the firm further conviction that Lululemon’s valuation “may be permanently relegated to the Specialty Apparel Retail range,” and possibly lower in the near-term if a negative revision cycle commences, which the firm now views as “within the realm of possibility,” the analyst tells investors.
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