Stifel analyst Jim Duffy said his checks on Lululemon's membership plan tests in four markets are pointing to strong consumer demand and "no evident impediments to implementation." He is bullish on membership program, which he thinks will be a margin-accretive growth opportunity when it reaches scale. Duffy suggests into Lululemon's Q3 report that investors be mindful of both the anniversary of a 14 week Q4 a year ago and six fewer Holiday season shopping days this year, adding that he is comfortable with his estimates being below consensus for the fourth quarter. However, he keeps a Buy rating and $238 price target on Lululemon shares.