Shares of Lululemon Athletica (LULU) opened higher this morning following an upgrade of the stock to "Buy" from "Hold" with a $60 price target at Stifel. 

Stifel analyst Jim Duffy sees continued opportunity for Lululemon to improve its fundamentals. 

He also sees upside potential driven by the company achieving its 2020 objectives which, if achieved, could double its stock price in 2 years. He also noted that the merchandising/eCommerce deficiencies are fixable.

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.

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