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Globe says JPMorgan commences new coverage on Lululemon

2013-11-14 08:46 ET - In the News

The Globe and Mail reports in its Thursday, Nov. 14, edition that JPMorgan analyst Brian Tunick has commenced new coverage on Lululemon athletica ($69.98) with an "overweight" rating (all figures U.S.). The Globe's Darcy Keith, Eric Atkins and Stephanie Chan write in the Eye On Equities column that Mr. Tunick targets the shares at $84. The Street, on average, targets the shares at $74.88. Mr. Tunick believes Lululemon's growth trajectory remains intact despite a number of serious hurdles over the past year. Mr. Tunick says, "After a 2013 wrought with execution issues, we see multiple levers to reaccelerate top-line and bottom-line growth in fiscal year 2014 and beyond." Mr. Tunick expects to see double-digit on-line growth, a recovery in margins and more store footage devoted to younger teenagers. In 2014, Lululemon will have the benefit of results being compared with a weak 2013, when it recalled its top-selling Luon black yoga pants because they were too sheer, notes Mr. Tunick. He says an appointment of a new chief executive officer could be showcased at the company's analyst day in April. Lululemon is also set to open its first European store in London in the second quarter of 2014.

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