Lululemon and Under Armour downgraded by Jefferies

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Lululemon (LULU.US), Under Armour (UAA.US) shares fell 3.95% and 4.50% respectively on Monday after Jefferies downgraded both apparel makers.

Lululemon's rating was lowered to “underperform” from “hold,” due to rising competition and an easing of the COVID-related spike in demand.
“LULU is facing rising competition from companies such as Alo, Athleta, Rhone, Vuori, and others. In what is now an ever-crowding space, we are skeptical of LULU's ability to grow as quickly,” according to analyst Randal Konik.
Under Armour stock was downgraded to “hold” from “buy” and price target was lowered to $10 from $20 on concerns about management volatility and lagging fundamentals.
“We believe Under Armour performance could lag peers' top-line growth and EBIT margins ahead, while management volatility clouds visibility.” Konik said.
Jefferies expects solid performance from Nike (NKE.US) as the “clear leader in the highly fragmented athletic/athleisure apparel and footwear market”. Nike kept the Buy rating with a $155 price target.

Lululemon (LULU.US), Under Armour (UAA.US) both took a massive hit in recent months. Lululemon (red and green candles) is currently testing its pre-pandemic high, while Under Armour (blue candles) is approaching lows from 2020. Source: xStation5

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