Raymond James analyst Matthew McClintock started Lululemon (LULU) at Strong Buy along with Foot Locker (FL) and Nike (NKE) at Outperform as part of a broader Athletic wear research note, also resumed coverage on Dick's Sporting Goods (DKS) at Underperform and Under Armour (UAA) at Outperform. The analyst contends that the industry is positioned well to continue "impressive" high-single-digit growth rate for at least the next decade amid a "mega trend" towards comfort and health/wellness. At Lululemon, McClintock believes that the innovation engine is "at full throttle" and the path for growth in international clear, claiming that the company is "in its own league" in terms of innovation and distribution and assigning LULU shares a $275 price target. The analyst has a $70 price target on Foot Locker, which he sees as "the single best distributor of premium athletic footwear product across the globe". McClintock believes the company can grow its earnings by 10% per year and revenue by 4%-6% per year for the "foreseeable future". The analyst has a $100 price target on Nike, citing the company's dominance in athletic industry and sees its earnings growing mid-teens with revenue up single digits and gross margins up 50bps per year. McClintock warns however that Nike may be challenged with achieving SG&A leverage in the near term "given the need to further invest in technology and supply chain." The analyst is bearish on Dicks Sporting Goods, noting that while the company will survive the "retail apocalypse" as the primary big box sporting goods destination, its earnings growth will be minimal in the long term and its valuation has become inflated by several years of easy comparisons. McClintock adds that the inventory growth at Dick's has far exceeded sales growth on "several occasions". The analyst assigns a price target of $30 to Under Armour, noting that the company has spend the past few years revitalizing its infrastructure after a a period of challenging results and now stands positioned to drive industry-leading shareholder returns over the next five years.