KeyBanc lowered the firm’s price target on Lululemon (LULU) to $350 from $400 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 results slightly better than expectations. FY25 revenue outlook was reiterated, but EPS was lowered. KeyBanc is encouraged by newness returning to historical levels and new product offerings showing potential to become future core franchises. Despite adjusting its estimates and price target to account for updated guidance and after-hours share reversion, the firm thinks Lululemon’s premium positioning enables it to hold up well in the current macro environment as it looks to selectively raise prices and mitigate the impact of tariffs.
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