Barclays analyst Matthew McClintock says his firm remains "aggressive buyers" of the Lululemon story. The company has a significantly larger total addressable market than even the most optimistic estimates likely expect, McClintock tells investors in a research note titled " 4Q18: Unrestricted Growth." Furthermore, the analyst points out that Nike (NKE) even addressed that apparel is an "extraordinary opportunity" for growth as athletic apparel's penetration rate in the overall apparel market is low and customers are increasingly choosing performance and sportswear for more occasions. A potential catalyst to understanding the longer-term potential for Lululemon will likely come with its investor day on April 24, says McClintock. He increased his Q4 earnings per share estimate to $1.74 from $1.64 and keeps an Overweight rating on Lululemon with a $200 price target.