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By Sam Boughedda
Investing.com -- Lululemon Athletica Inc (NASDAQ:LULU) remains a top pick for Oppenheimer in consumer growth, and eCommerce, Oppenheimer analyst Brian Nagel told investors Friday.
The analyst praised the company, stating that it is a "preferred play amongst leading athleisure brands" and a "compelling, digitally-enabled, increasingly well-known, but still up-and-coming, manufacturer and seller of high-quality athletic apparel and accessories."
He continued that Lululemon has the potential to continue to profitably capture market share.
Nagel currently has an Outperform rating and a $440 price target on the stock.
While the analyst acknowledged the current macroeconomic climate as a headwind, he wrote that a meaningful shift to a more digital distribution focus and market strategy is working for the company, alongside improved product innovation.
"We remain confident that a solid, if not further fundamental strengthening, will support the stock's premium valuation," concluded Nagel.
Lululemon stock is up 0.65% Friday.