UPDATE: Jefferies Raises PT to $83 on Lululemon

Jefferies increases its target price on Lululemon LULU from $65 to $83 while it reiterates its Hold rating on shares as it remains on the sidelines for the time being. Jefferies says, "Entering 2012 with a healthier (more complete) inventory position, Lululemon is set to drive same-store sales acceleration off of a relatively quiet 2011 base. The company's history of beating guidance creates an upward EPS bias. Easy sales comparisons, strong demand, conservative guidance and solid execution create an upward EPS bias this year. That said, we recommend waiting for a better entry point." LULU closed at $74.07 a share on Thursday.