Needham lowered the firm’s price target on Lululemon (LULU) to $192 from $238 and keeps a Buy rating on the shares after its Q2 results and soft guidance. The product-driven U.S. re-acceleration, which led the firm to upgrade the stock in January, is struggling to take hold, and Needham is lowering its expected FY25 and FY26 EPS views to $12.87/$12.20 from $14.12/$14.86, the analyst tells investors in a research note. The firm still hopes that Q2 was a “clear the deck” event, but it also warns that it will take time before investors warm up to Lululemon again, Needham added.
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