Shares of Lululemon (LULU) have reached a new record high, prompting TD Cowen Managing Director John Kernan to raise his price target to $553 based on cheap valuation relative to long-term growth prospects. While domestic slowdown concerns persist amid competition, Kernan sees international expansion offsetting the decline. He adds that China has been a "tremendous growth vehicle" for the apparel company, with Cowen estimating 2024 revenue increasing to $1.5 billion. As earnings lie ahead, Kernan will be eyeing the fiscal year 2024 top and bottom line outlook, but expects "a lot of upside" remains. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Earnings season is winding down but these 5 charts are some of the best yet to come.
The latest trading day saw Lululemon (LULU) settling at $467.84, representing a -0.09% change from its previous close.