Why Lululemon Stock Should Be Bought At Its Current Price

Investors should buy Lululemon Athletica Inc LULU stock, Jim Cramer said Wednesday on CNBC's "Squawk On The Street."

What Happened: Goldman Sachs analyst Brooke Roach initiated coverage of Lululemon with a Conviction Buy rating and announced a price target of $447.

The recovery period following the COVID-19 pandemic has been supportive for apparel and brands, the analyst said. Roach believes Lululemon will be a leader in driving online to offline consumer connections. 

Cramer's Take: People who think Lululemon and Peloton Interactive Inc PTON were only buys during the pandemic are wrong, Cramer said. 

Lululemon is here to stay, he said, adding that he thinks if "the stock breaks out, buy it."

See Also: Lululemon Athletica: Return On Capital Employed Insights

Price Action: Lululemon has traded as high as $399.90 and as low as $269.28 over a 52-week period.

At last check Friday, the stock was up 3.72% at $384.58.

Photo by heng jiguai from Pixabay.