Updated from 5:31 p.m ET to add information on Motorola Mobility.
NEW YORK ( TheStreet) -- Shares of Lululemon Athletica (LULU - Get Report) ticked lower in late trades after founder, Chip Wilson, announced plans to step away from a day-to-day role at the Canadian athletic apparel company.
Wilson is resigning as chief innovation and branding officer, effective Jan. 29. He plans to continue as the company's chairman.
The stock was last quoted at $52.60, down 2%, on late volume of more than 50,000, according to Nasdaq.com."I remain deeply committed to the Company's continued success and given the strength we've built into the organization over the past three years, I feel comfortable leaving the company with Christine Day at the helm of a world class management team whom I fully believe will continue to elevate our world. I look forward to continuing to contribute in my role as Chairman of the Board," Wilson said in a statement. Lululemon shares are up more than 50% in the past year, and Wall Street still has a bullish lean on the company with 13 of the 24 analysts covering the stock at either strong buy (6) or buy (7), and the median 12-month price target sitting at $57.50, implying potential upside of 7% from Friday's close at $53.68. The stock has a lofty forward price-to-earnings multiple of 36X the average analyst view for a profit of $1.48 in the fiscal year ending in January 2013 though vs. less than 17X for Nike (NKE - Get Report), and 31.7X for Under Armour (UA - Get Report). Lululemon is currently in its fiscal fourth quarter ending this month, and the average estimate of analysts polled by Thomson Reuters is for earnings of 42 cents a share in the period on revenue of $334.5 million. The company has beaten the consensus profit estimate in the past eight quarters.