Shares of Lululemon Athletica Inc soared 15% in early trade on Friday, after the premium apparel retailer defied investor worries with a full-year outlook lift amid little pullback from consumers and a sharp rebound in China sales.
At least 11 brokerages raised price targets on the company, with Piper Sandler hiking by the highest margin to $445, above the median of $424.
Lululemon's first-quarter results also beat estimates as the company saw traffic across both its stores and online go up about 30%. The company also reported a 79% rise in sales in China, bolstered by the rollback of COVID restrictions. Lululemon's exposure to China could be "a solid source of sales and margin upside for the rest of the year," analysts at Barclays wrote in a note.
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