RBC downgrades Lululemon to 'sector perform', cuts target price to $70 from $80

April 04, 2013 - 8:27 AM

TORONTO - RBC Capital Markets analyst Howard Tubin has cut his rating on Lululemon Athletica Inc. (TSX:LLL) and lowered his target price on the stock following the departure of the company's chief product officer.

The analyst says Sheree Waterson was instrumental in the design process at the company for the last five years and was a strong creative leader.

Tubin cut his target price on the stock to $70 from $80 and lowered his rating on the maker of trendy workout gear to "sector perform" from "outperform"

Lululemon announced Waterson's departure from the company late Wednesday.

The move came just weeks after Lululemon pulled its popular black pants made from its Luon fabric from store shelves over concerns they were too sheer.

Lululemon explained the problem arose due to a combination of the fabric and pattern changes in the pants.

News from © The Canadian Press, 2013

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RBC downgrades Lululemon to 'sector perform', cuts target price to $70 from $80

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