UPDATE: Credit Suisse Upgrades Lululemon; Raises PT

According to a research report published today, Credit Suisse has upgraded Lululemon Athletica Inc. LULU from Neutral to Outperform, and increased PT from $58 to $78. In the report, Credit Suisse said, “Following a recent survey of product assortments across markets and online, as well as an analysis of store maturity curves, we are increasingly confident in lululemon's ability to sustain double-digit comps, achieve a 30%-plus OM, and drive earnings power north of $5.00. As a result, we are raising our F2013/F2014 estimates to $1.69/$2.26 (from $1.60/$2.06), our target price from $58 to $78, and our rating from Neutral to Outperform.” Lululemon Athletica closed yesterday at $66.05.