- The shares of Lululemon Athletica Inc (NASDAQ: LULU) received a $520 price target by Oppenheimer. These are the details.
The shares of Lululemon Athletica Inc (NASDAQ: LULU) received a $520 price target by Oppenheimer. And Oppenheimer analyst Brian Nagel is maintaining an “Outperform” rating on the shares while also increasing the price target from $405.
Nagel had advised investors to continue sticking with Lululemon. The company has been receiving significant recognition from athleisure consumers and Nagel believes that the brand is still in the early stages of expansion and development within the U.S. and across the world.
Lululemon reported its fiscal second quarter earlier this month. And the company had offered a better than expected outlook for the third quarter and fiscal 2021. Now Lululemon is expected to surpass its 2023 revenue target by the end of this year.
For the quarter, the company reported $1.65 in adjusted earnings per share and $1.45 billion in revenue, both of which were well above expectations. The net income for the three-month period ended on August 30 increased to $208.1 million compared to $86.8 million a year earlier. The $1.45 billion revenue figure is up 61% compared to $902.9 million in the same period a year earlier.
For the current fiscal year, the company is expecting revenue to be somewhere between $6.19 billion and $6.26 billion. Going forward, the company is planning to double its men’s business and quadruple the international segment earlier than expected. McDonald also noted that the company would have performed every stronger if it was not for the supply chain bottlenecks that the retail industry is facing.
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