Baird raised the firm’s price target on Lululemon (LULU) to $380 from $350 and keeps an Outperform rating on the shares. The firm said their checks remain muted in FQ3 with year-over-year declines in product availability similar to FQ2 and some deceleration in U.S. traffic/spending indicators. U.S. checks for FQ3 appear no worse than expected, and promotions appear well-managed. Net, they view FQ3 consensus as achievable.
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