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Fly News Breaks for March 30, 2017
LULU
Mar 30, 2017 | 08:40 EDT
MKM Partners analyst Roxanne Meyer said unforeseen fashion issues are hurting lululemon in Q1 on the heels of its solid holiday quarter, but she sees the fashion issues being put behind it quickly given the company's "nimble supply chain" and upcoming innovations. She cut her EPS estimates for lululemon and lowered her price target on the shares to $75 from $90, but recommends buying on the weakness as she feels the long-term story hasn't changed. Meyer keeps a Buy rating on lululemon, which is down over 21% to $52 in pre-market trading.
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