Lululemon (LULU.US) revealed ambitious plans recently. The athletic apparel retailer expects to double its 2021 revenue to $12.5 billion by 2026, helped by strong demand for workout clothes. Management is aiming to quadruple international sales, double revenue from men’s operations and ramp up its digital sales. The company said three main factors which will help to achieve these goals will be product innovation, customer experience and market expansion.
Lululemon stock has a positive opinion among the majority of analysts. From 20 in question, 13 rated it as "strong buy," while seven give it "hold" or worse. Additionally the 12-month consensus target price currently stands at $431.96 which is around 8.0% higher compared to current levels.
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Despite upbeat news Lululemon (LULU.US) stock fell on Wednesday and is approaching the lower limit of the triangle formation. Should a break lower occur, the next target for bears is located at $381.50 which is marked with the lower limit of the 1:1 structure. If sellers manage to break lower, then downward move may accelerate towards major support at $352.20 which is marked with 38.2% Fibonacci retracement of the upward wave launched in March 2020. The nearest resistance is located around $404.0 level. Source: xStation5
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