June 2, 2017 / 1:58 PM / 5 months ago

BUZZ-Lululemon Athletica Inc: On pace for best day in 6 months

** Athletic apparel maker’s shares up 14 pct at $55.45 - on track for best one-day pct gain in nearly 6 months

** Company’s Q1 comp sales down 1 pct vs est of 1.9 pct drop; Co’s warning in late March of a Q1 sales decline had hammered stock

** LULU hikes FY EPS forecast; Trims sales forecast, but still above analysts’ estimates

** Co says to close most of its money-losing Ivivva girls stores and increase investment for its online business

** Plan was “something investors applaud as the business was losing money and was likely a distraction from the core,” Wells Fargo’s Ike Boruchow says in note titled ‘From Downward Dog To Happy Baby; Comps Back On Track, Progress Being Made, Margin Questions Loom’

** Susquehanna lifts PT to $60 from $51; BofA Merrill and D. A. Davidson also raise PT

** 17 of 35 brokerages rate the stock “hold”, 15 “buy” or higher and 3 “sell” or lower; their median PT is $59

** Up to Thursday’s close, stock had fallen about 25 pct YTD

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