BofA lowered the firm’s price target on Lululemon (LULU) to $200 from $220 and keeps a Neutral rating on the shares. The firm sees two potential paths forward: either the new Spring product proves sufficient to improve comps, or the new CEO determines that a more comprehensive and costly operational reset is required. While the firm thinks innovation and newness could “re-ignite the brand,” this may coincide with a margin reset that poses risk to earnings, the analyst added.
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