Lululemon price target lowered to $238 from $317 at Needham

Needham lowered the firm’s price target on Lululemon (LULU) to $238 from $317 but keeps a Buy rating on the shares. The firm is citing a “big acceleration in discounted items online” posing a risk to the company’s Q2 results and guidance, with a potential miss-and-cut when Lululemon reports Q2 results on September 4th, the analyst tells investors in a research note. Needham adds however that a lot of this is already in the share price, with a 14-times earnings multiple for the stock being the lowest level since the 2008 recession.