Auriga Reiterates Buy on Lululemon Athletica

Auriga is out with its report today on Lululemon Athletica LULU, reiterating Buy. In its report, Auriga writes, "We believe LULU remains a unique growth story and expect upside is likely in 2011 given the strong product offering. In addition, our checks point to continued steady traffic and sell through of merchandise. Our $68 PT is based on a 47x P/E multiple on our 2012 EPS estimate." At the time of posting, shares of LULU were trading pre-market at $48.65, down 0.08% from Friday's close.