Lululemon Athletica shares hit highest ever

Bloomberg

Lululemon Athletica Inc shares rose as much as 6.7 percent to a record high after again issuing a beat and raise quarterly report.
“Lulu continued to show that it is in a league of its own,” Telsey Advisory’s Dana Telsey wrote.
The retailer surprised the Street with a 500-basis point total comparable sales beat, even better than the 460-basis point beat last quarter. Furthermore, even the boosted year forecasts look beatable, analysts from Cowen, RBC Capital Markets, Bernstein and Bloomberg Intelligence said.
The 12-month consensus price target now stands at $205 per share, implying nearly a 9 percent upside return, up from $194, according to Bloomberg data.
RBC Capital Markets’ Kate Fitzsimons said, “Accelerating 17 percent 2Q comps and 90-basis point product margin expansion confirm that Lulu remains a “bright spot” in the consumer discretionary space.”