Lululemon is benefiting from strong demand levels for its categories, even though outerwear was “good but not great,” Raymond James’ Rick Patel says after meeting with Lululemon’s VP of investor relations, Howard Tubin, at the annual ICR conference in Orlando, Florida. Lululemon raised its 4Q EPS and revenue guidance earlier this week. “While we expect growth to slow versus recent years, we still consider Lululemon one of the most attractive growth stories among global brands with an opportunity to scale International and men’s with high margins that can increase further,” Patel adds. Raymond James raises its 4Q revenue estimates to 15% growth, up from 14% previously, and upgrades its FY24 EPS estimates to $13.98 from $13.90. The firm also raises its target price to $520 from $495.