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大行評級|摩根大通:上調Lululemon目標價至425美元 第三季業績超預期
摩根大通發表研究報吿指,Lululemon第三季的每股盈利達2.87美元,連同收入、毛利率及EBIT利潤率均勝預期。公司管理層對第四季的每股盈利指引為5.56至5.64美元之間,基於收入料按年增長8%至10%,毛利率料按年按窄20到30個基點至59.1%,銷售、一般及行政費用佔比料按年收窄90至100個基點。更重要的是,首席執行官表示,對北美及國際的聖誕節開局感到滿意,亦對摺扣與正常價格之間的組合感到滿意,提到在計劃第四季時考慮到了假日購物季縮短的情況,採取了深思熟慮的策略。該行指,管理層上調2024財年的指引至介乎14.08至14.16美元之間。該行將其今年每股盈利預測由13.98美元升至14.17美元,2025財年的每股盈利預測由14.92美元升至15.2美元,目標價則由338美元上調至425美元,相當於預測2026財年市盈率25倍,維持“增持”評級。
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