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Four Reasons Lululemon Can Outperform

lululemon (LULU) is lower Thursday, and is down nearly 6% since the start of the year. But Cowen & Co. thinks the market is underestimating the stock.

Analyst Oliver Chen and his team reiterated an Outperform rating and raised the price target by $3, to $67 today, following meetings they had with management.

He argues that the stock can outperform for four main reasons: lululemon's vertically integrated model, innovation, supply-chain transformation, and its improving brick-and-mortar stores and digital presence.

Chen admits that the stock looks expensive, but he argues that lululemon...