On May 3rd LULU was downgraded to "Neutral" from "Outperform" at Wedbush. Neutral is about as low as most analysts will go, so Wedbush basically issued a sell recommendation.
With Wedbush telling us to sell, why hasn't it dropped more significantly?
Ah, the mysteries of the market!
But do you see a pattern here? One analyst downgrades. A few days later another analyst upgrades. And on we go. They're playing a big game and we're stuck in the middle.
Given the chart for this stock and some of the uncertainty surrounding this company, a 90 price target can only provoke laughter. They don't really expect it to go that high, though they wouldn't complain if it does. But we aren't quite back to the levels of the 1999 bubble yet, when people immediately ran up stocks to price targets as soon as they were issued. They're just trying to pump it, hoping they can offload some of their shares on a spike.