B. Riley Brokers Boost Earnings Estimates for Lululemon Athletica Inc. (NASDAQ:LULU)

Lululemon Athletica Inc. (NASDAQ:LULUGet Rating) – Stock analysts at B. Riley upped their Q2 2023 earnings estimates for shares of Lululemon Athletica in a research report issued to clients and investors on Tuesday, May 17th. B. Riley analyst S. Anderson now forecasts that the apparel retailer will earn $1.82 per share for the quarter, up from their previous estimate of $1.80. B. Riley also issued estimates for Lululemon Athletica’s Q3 2023 earnings at $1.74 EPS, FY2023 earnings at $9.26 EPS and FY2024 earnings at $11.01 EPS.

Lululemon Athletica (NASDAQ:LULUGet Rating) last posted its quarterly earnings data on Tuesday, March 29th. The apparel retailer reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.27 by $0.10. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Lululemon Athletica had a net margin of 15.59% and a return on equity of 37.92%. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.58 EPS.

LULU has been the subject of a number of other research reports. Credit Suisse Group decreased their price objective on shares of Lululemon Athletica from $465.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, March 30th. Truist Financial upgraded shares of Lululemon Athletica from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $390.00 to $495.00 in a report on Tuesday, April 19th. Citigroup boosted their price objective on shares of Lululemon Athletica from $350.00 to $400.00 and gave the stock a “neutral” rating in a report on Wednesday, March 30th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Lululemon Athletica from $428.00 to $423.00 and set a “buy” rating on the stock in a research report on Thursday, April 21st. Finally, Wedbush initiated coverage on shares of Lululemon Athletica in a research report on Thursday, April 28th. They issued an “outperform” rating and a $430.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Lululemon Athletica presently has a consensus rating of “Buy” and a consensus price target of $442.88.

LULU opened at $271.22 on Friday. Lululemon Athletica has a twelve month low of $264.24 and a twelve month high of $485.83. The stock has a market cap of $34.69 billion, a PE ratio of 36.16, a price-to-earnings-growth ratio of 1.46 and a beta of 1.29. The company has a fifty day moving average of $341.67 and a 200-day moving average of $364.42.

A number of large investors have recently added to or reduced their stakes in LULU. Benjamin Edwards Inc. grew its stake in shares of Lululemon Athletica by 192.0% in the 4th quarter. Benjamin Edwards Inc. now owns 73 shares of the apparel retailer’s stock valued at $29,000 after purchasing an additional 48 shares during the last quarter. Lloyd Advisory Services LLC. purchased a new position in Lululemon Athletica during the first quarter worth $29,000. First Community Trust NA acquired a new stake in shares of Lululemon Athletica during the fourth quarter valued at $29,000. Cornerstone Advisory LLC acquired a new position in Lululemon Athletica in the 4th quarter valued at about $30,000. Finally, DeDora Capital Inc. purchased a new position in Lululemon Athletica in the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 85.48% of the company’s stock.

Lululemon Athletica announced that its board has initiated a share repurchase plan on Tuesday, March 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the apparel retailer to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

About Lululemon Athletica (Get Rating)

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits.

Further Reading

Earnings History and Estimates for Lululemon Athletica (NASDAQ:LULU)

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