UPDATE: Jefferies Reiterates Hold, Lowers Target to $54 on Lululemon

Jefferies maintains its Hold rating on Lululemon Athletica Inc. LULU and lowers its target to $54 from $59 per share as it adjusted estimates for next year EPS to $1.54 from $1,58 following 3Q results. Jefferies says, “We are adjusting our numbers to reflect 3Q11 actuals and updated 4Q11 guidance provided by management. Our 4Q11 EPS estimate is unchanged at 43c although the composition of the estimate changes. FY12 estimate and PT come down modestly. We like LULU's long-term fundamental strategy but wait patiently on the sidelines for an even better entry point.” LULU closed at $49.69 a share on Friday.