The Reason Lululemon Athletica inc. (NASDAQ:LULU) Stock Price Just Skyrocketed
After a huge gain yesterday, the market is pretty flat today, but that doesn’t mean some stocks aren’t breaking out. One of the biggest movers today is Lululemon Athletica inc. (LULU).
First up, Lululemon Athletica inc. (LULU) is on fire this morning, trading up $10.44 currently, at $70.27. LULU saw an intraday high of $72.70 earlier this morning. Volume is heavy, with almost 3 times the daily average so far before 10:30 am.
Lululemon Athletica inc. (LULU) rocketed higher after the company beat analyst expectations by 4 cents for the quarter, coming in at $0.47 on profit of $544.4 Million.
More importantly, and the reason for the big breakout, the company updated it’s fourth quarter guidance to to 96 cents to $1.01 for quarter 4. It’s safe to bet that analysts were caught with their (yoga) pants down on this and are currently rallying all the monkeys to rewrite the estimates and new price targets on Lululemon Athletica inc. (LULU) stock.
Currently 34 analysts rate LULU stock an OVERWEIGHT, with an average price target of $67.00. It seems the analysts will have to pull a higher number out of the hat as soon as possible for Lululemon stock..