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Fly News Breaks for December 7, 2018
LULU
Dec 7, 2018 | 09:55 EDT
RBC Capital analyst Brian Tunick lowers his price target on Lululemon to $165 to reflect the multiple compression on global growth names, but keeps his Outperform rating after its "blowout" Q3 earnings and 18% constant-currency comp growth. The analyst contends that the company remains a "bright spot" in the consumer sector as it conservatively models high-single-digit to low-double-digit Q4 comps outlook. Tunick adds that while Lululemon's prior peak margin level was 28%, it appear to be making progress toward low 20% level in 2018 from the 18% trough in 2015-2016.
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