The firm cited strong first quarter 2015 results for the price target raise.
The yoga apparel retailer released its results yesterday, earning 34 cents per share on sales of $423.5 million, compared to 34 cents per share on sales of $384.6 million in the same quarter a year ago.
The company beat BMO Capital Markets' analysts consensus estimate of 33 cents per share for the latest quarter.
"Business accelerated during the latter part of the quarter as LULU's inventory position improved, with a strong response to new product," analysts said.
Canada-based Lululemon Athletica offers a range of yoga-inspired performance apparel and accessories for women, men and female youth such as fitness pants, shorts, tops and jackets, which are designed for healthy lifestyle activities.
On Wednesday, shares are falling 1.78% to $67.05.
Separately, TheStreet Ratings team rates LULULEMON ATHLETICA INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LULULEMON ATHLETICA INC (LULU) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, increase in net income and expanding profit margins. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."