BTIG Reaffirms Buy on Lululemon, Lifts Shares Nearly 5% Ahead of Dec. 4 Earnings

The call underscores a sharp divide on Lululemon’s outlook, with investors weighing near-term U.S. weakness against product updates not expected until spring 2026.

Overview

BTIG’s Janine Stichter kept a buy rating and a $303 price target on Lululemon, implying nearly 80% upside from current levels.
Shares rose about 4.6% to $177.42 on Monday, gaining $7.75 following the bullish note.
BTIG expects third-quarter results on December 4 to track management’s prior guidance, with fourth-quarter forecasts likely staying within existing ranges.
The firm cited mixed recent data, increased markdown-driven margin pressure, tariff impacts and continued SG&A investment, and noted key product catalysts are slated for spring 2026.
Leadership turnover and skeptical peers add pressure: Americas chief Celeste Burgoyne departs at year-end as Maestrini steps in, UBS cut its target to $183, and Jefferies maintains underperform at $120 while questioning the Fanatics NFL partnership and early holiday sale.