The Globe and Mail reports in its Thursday, Sept. 10, edition that Citi analyst Paul Lejuez has reaffirmed his "neutral" rating for Lululemon. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lejuez cut his share target back by $13 to $117 (all figures U.S.). Analysts on average target the shares at $103.37. Mr. Lejuez sees a more favourable risk/reward for Lululemon after its 18-per-cent share price drop since the Sept. 3 quarterly results, believing it can exceed its conservative third quarter guidance. However, he warns investors the outlook for the next fiscal year and beyond "remains very unclear." Mr. Lejuez says in a note, "Our concern is that sales pressure may continue into F27, and the size of its store fleet may need to be addressed (following years of store expansions) to avoid significant cost deleverage on sales/sq ft declines. Our F26/F27 sales estimates were lowered from down 0.6 per cent/up 3.5 per cent to down 4.4 per cent/up 0.7 per cent with F26/F27 comps moving from down 5.7 per cent/down 0.5 per cent to down 10.0 per cent/down 3.6 per cent and F26/F27 EBIT margin estimates moving from 15.8 per cent/12.5 per cent to 15.3 per cent/11.7 per cent."