Lululemon Athletica Inc. (NASDAQ:LULU) stock was up on Wednesday following an upgrade by Sterne Agee.
Sterne Agee analysts raised Lululemon’s stock from a “Neutral” rating to a “Buy” rating. It also has a price target for the company’s shares set at $77. The firm believes that the company has investments that will pay off sooner than previously expected, reports TheStreet.com.
Lululemon’s upgrade by Sterne Agee analysts comes following a meeting with the company’s new CFO. The firm also expects to see increased margins and sales from the company in the future, TheStreet.com notes.
Lululemon shares currently hold a consensus rating of “Buy” based on several firms’ ratings for the stock. It also has an average price target of $56.79, reports Dakota Financial News.
LULU shares were up 3% as of Wednesday afternoon.
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