UPDATE: Auriga Raises PT to $86 on Lululemon Athletica

Auriga increases its price target to $86 on Lululemon Athletica LULU as the company is expected to provide a solid guidance for 2012. Auriga says, "We expect LULU to report Q4 EPS of $0.49, the high end of the company's upward preannounced range. We believe all eyes are on 2012 and expect that management will announce 35 new store openings and a 9-11% comp increase. We also expect a focus on international markets as LULU rolls out localized ecommerce sites and its first showrooms in London and Hong Kong. Inventory is forecast to increase at a faster rate than sales as LULU was under-inventoried in the prior year." LULU closed at $72.47 a share yesterday.