Sterne Agee Reiterates Buy Rating, $85 PT on Lululemon Athletica

In a company report published earlier today, Sterne Agee reiterated its Buy rating and $85.00 price target on Lululemon Athletica Inc. LULU. Sterne Agee went on to say “we believe that the domestic athletic cycle is in full swing and view LULU as a natural beneficiary...While Nike's futures orders in Asia and Western Europe were weak, LULU has no exposure to those markets. North American stores makes up 90% of the total store base and drive higher productivity than the remaining 10% of stores which are in Australia. We would take advantage of any weakness in the sector and be buyers of LULU.” Lululemon Athletica Inc. closed yesterday at $58.41.