UPDATE: Stifel Nicolaus Increases Target to $22 on Lululemon Athletica inc

Stifel Nicolaus raises its price target on Buy-rated Lululemon Athletica inc LULU by $7 to $77 a share on the company's momentum heading into the Spring season. Stifel Nicolaus comments, "In-store and online checks show lululemon is carrying momentum into spring. We are encouraged by 1) positive consumer response to new styles and color palates, 2) minimal amounts of clearance activity, and 3) effective development of community and generation of revenue via the revamped e-commerce site (launched November 2011)." LULU closed at $67.02 a share on Wednesday.