March 30, 2017 / 1:32 PM / a year ago

BUZZ-Lululemon shares tumble after weak results, Q1 warning

** Shares in Lululemon Athletica Inc slide more than 21 pct in premarket trade; this after co’s Q4 earnings missed Street expectations, and it warned Q1 comp store sales would fall

** Shares down to $52 area in premarket, lowest point since Dec 2015, after the Canadian yoga and leisure apparel retailer said hurt by everything from a strong Canadian dollar to “clothes lacking depth and color for spring”

** Stock had closed at $66.30 on Weds after rising 4 pct in regular session

** Multiple brokerages cut their price targets and ratings on the stock after the news. Citi cut rating to neutral from buy. Susquehanna cut rating to neutral from positive. Wells Fargo cut rating to market perform, according to a trader

** Cowen & Co, Jefferies, JPMorgan and Mizuho among others also cut price targets on the stock

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