Lululemon price target lowered to $200 from $270 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lululemon (LULU) to $200 from $270 and keeps a Neutral rating on the shares. The firm says that the decline in Lululemon’s shares this year is driven by correction in the multiple, with estimates down only modestly–with product execution still not fixed and sale section growing, there could be further risk to estimates.