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Fly News Breaks for November 16, 2016
LULU
Nov 16, 2016 | 08:04 EDT
As previously reported, Credit Suisse downgraded lululemon to Neutral from Outperform. Analyst Christian Buss said survey results indicate markdown intensity has increased this quarter to up 2.7%, higher than the 2.5% increase year-over-year and 2% sequentially, with the largest discounting in Woman's Tops. The analyst has reduced conviction the company can sustain topline momentum and lowered his FY16 comp estimate to 5.1% from 6.2%, FY17 to 3.8% from 5.9%, and lowered its price target to $53 from $76 to reflect a lower multiple.
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